Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

AI-driven Energy startup Grid Edge Raises £200,000 in Seed

Grid Edge, a startup aiming at improving energy efficiency by means of Artificial Intelligence, has raised  £200,000 in Seed from Ignite, a fund focused on energy companies.

Based in Birmingham and founded by Aston University’s researchers Tom Anderson, Jim Scott and Dan Wright, Grid Edge has developed smart software able to monitor a building’s energy usage, and optimise its consumptions through an AI-driven forecasting system.

The company says the technology can slash a building’s consumption by up to 25 percent. Now, Grid Edge will reportedly use the fresh round of funding to expand its staff.

“This investment is a game changer for us. We can now focus on accelerating our product development and establishing a real footprint in the commercial market,” company CEO Anderson said in a statement.

“Our ambition is to be in more than 500 large-scale buildings within five years.”

The Ignite group— launched in 2014 by British Gas’s parent company Centrica—also commented on the deal: “We believe Grid Edge is a fantastic example of an enterprise that could truly benefit society which is the key reason why we’re backing the team,” investment principal Sam Salisbury said.

“The technology could have huge potential for the commercial and public sector and we’re particularly excited about the opportunity it offers housing associations and local authorities, helping them to cut carbon emissions, reach energy efficiency targets and create warmer, healthier places for tenants to live.”

AI is increasingly being applied to the energy field, as it has grown able to greatly enhance energy efficiency : in July 2016, Alphabet’s AI powerhouse DeepMind managed to cut down the cooling bill of the tech giant’s data centres by about 40 percent.

Image via Grid Edge


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