Cleantech start-up Grid Edge closed a £2m funding round recently with participation from bp ventures, Goldacre and Aston University.

The latest injection which came last month in December aims to accelerate the company’s mission to reduce the carbon footprint of the built environment furthering partnerships with the likes of Hammerson PLC and the Royal Opera House. The funding provides a platform to scale and mature the business over the next two years enabling the company to reach more customers, develop new products and grow its team.

Grid Edge was founded in 2017 by three friends and colleagues from Aston University’s Energy Research Institute – Dr Dan Wright, Dr Jim Scott and Tom Anderson. ‘Empower the customer’ was the simple vision founders Dan, Jim and Tom started out with when they set out to change the way that people use energy. Having spent a decade researching new technologies to decarbonise our energy system at Aston University’s Energy Research Institute, they grew frustrated that too often “innovation” in the energy industry was done to customers, but not for customers; that too often customers were simply seen as passive consumers whose only role was to pay for energy and sit passively at the edge of the grid. So they set out to change that.  

Building on their legacy on ground-breaking R&D at Aston University, the three friends swapped the research laboratory for the Board room and founded Grid Edge in 2017 with a mission to put commercial energy consumers at the heart of our changing energy system, empowering them to become active and intelligent participants in the battle to combat climate change. The company was awarded Tech Start-up of the Year in the Midlands by KPMG in 2019.

Following last year’s COP26 meeting, the importance of reducing carbon emissions has never been more prescient say the group. The race to net zero is on and with commercial buildings making up 40% of global carbon emissions and Grid-Edge think this funding marks an exciting turning point in reducing environmental impact in the built environment. Tom Anderson, co-founder at Grid Edge, said: 

“This funding round further strengthens our collaboration with bp, Goldacre and Aston University, who have shown equal ambitions in accelerating the growth of Grid Edge. Optimising energy demand to reach net zero is now an essential requirement for businesses. We are proud to provide many leading companies with predictive AI technology to reduce energy consumption and save money.”

David Bloom, founding partner at Goldacre (Noé Group), continues: 

“We saw the huge potential in Grid Edge back in 2019 and wanted to help support the business in scaling up and expanding its service delivery. Now more than ever optimal energy management is an essential demand of businesses and consumers and so by leveraging smarter digital technologies, we can significantly reduce carbon emissions whilst making buildings more energy efficient. We look forward to supporting the Grid Edge team as they enter this exciting new business phase.”