Grid Edge Secures £2.8m for Energy-Cutting AI Innovations
Deal News | Apr 03, 2025 | Mercia Fund Management (Mercia Ventures)
Grid Edge, a Birmingham-based company, has successfully raised £2.8 million from various investors including Mercia Ventures, Centrica, and bp Ventures. The funding is set to bolster the company's AI-driven platform, designed to reduce energy costs and carbon emissions in commercial buildings by an average of 20%. This investment will support Grid Edge's plans to expand its workforce and client base, amid rising energy prices and stringent carbon regulations. The platform is already operational in locations such as Birmingham's Bull Ring shopping center and the Royal Opera House in London, showcasing its impact on reducing operational costs and emissions. The capital raised will further facilitate the company's groundbreaking efforts towards accelerating their growth and increasing their market reach.
Sectors
- Artificial Intelligence
- Renewable Energy
- Commercial Real Estate
Geography
- United Kingdom – Grid Edge is based in Birmingham, UK, with its technology utilized in renowned locations such as Birmingham's Bull Ring and London's Royal Opera House.
- Midlands – The funding came partly from the Midlands Engine Investment Fund II, emphasizing regional economic support for growth-driven businesses in the Midlands area.
Industry
- Artificial Intelligence – Grid Edge uses AI technology to optimize energy management in buildings, reducing costs and carbon emissions.
- Renewable Energy – The company's platform contributes to energy efficiency and supports the transition to Net Zero, aligning with sustainable and renewable energy initiatives.
- Commercial Real Estate – Grid Edge's software is implemented in commercial buildings, aiming to reduce energy consumption and operational costs in facilities such as shopping centers and opera houses.
Financials
- £2.8m – Funding amount raised by Grid Edge from investors including Mercia Ventures, Centrica, bp Ventures, and private investors.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Grid Edge | Target company | Company | A Birmingham-based company specializing in AI-driven software for energy management to cut costs and emissions in commercial buildings. |
| Mercia Ventures | Investor | Company | A private equity firm leading the recent funding round for Grid Edge, investing through the Midlands Engine Investment Fund II and its EIS funds. |
| Centrica | Investor | Company | An energy services and solutions company investing in Grid Edge to support its energy management technologies. |
| bp Ventures | Investor | Company | The investment arm of BP, supporting innovative companies accelerating the shift to sustainable energy solutions. |
| Midlands Engine Investment Fund II | Investor | Company | A fund supporting regional economic growth in the Midlands, investing in innovative and scalable businesses like Grid Edge. |
| Jim Scott, Dan Wright, Tom Anderson | Founders | People | Energy specialists and founders of Grid Edge, who established the company to simplify energy management systems. |
| Paul McCorquodale | CEO | People | CEO of Grid Edge, driving the company's mission to reduce carbon emissions and operational costs. |
| Richard Moore | Co-Founder | People | Co-founder of Grid Edge, previously involved in financial roles at Deloitte in the US. |
| Beth Bannister | Senior Investment Manager | People | Senior Investment Manager at the British Business Bank, highlighting the support for Midlands-based businesses. |
| Rafael Joseph | Mercia Ventures Representative | People | Representative at Mercia Ventures, discussing the strategic investment in Grid Edge amid rising energy costs and sustainability demands. |