What does Grid Edge do?
Grid Edge develops and offers AI-powered software that optimizes energy usage in commercial buildings. The platform aggregates data from meters, sensors, and building management systems along with external factors like energy tariffs and weather conditions, using machine learning to make recommendations that reduce carbon emissions and lower energy costs.
How much did they raise?
The company raised £2.8M in a funding round with lead investments from Midlands Engine Investment Fund II, Mercia Ventures, Centrica, and bp Ventures, along with participation by private investors. The round is subject to approval under the National Security and Investment Act (NSIA).
What are their plans for the money?
With the new funding, Grid Edge plans to expand its customer base and further enhance its platform. The company is also set to grow its team by adding 15 new roles in sales, customer support, and technical positions, which could significantly boost their market presence and accelerate their energy efficiency solutions.
What have they achieved so far?
Grid Edge has demonstrated notable progress, with a 150% increase in annual recurring revenue in the last year and plans to nearly triple that figure. Additionally, the company aims to expand its footprint from 120 to 400 locations within two years, with successful deployments in prominent locations like Birmingham’s Bull Ring shopping centre and London’s Royal Opera House.
