Birmingham's Grid Edge, specializing in AI technology to decrease energy costs and carbon emissions for commercial buildings, secured over £2.8M in funding, primarily from Mercia Ventures. The investment, which also attracted Centrica and BP Ventures, aims to accelerate Grid Edge's growth as it responds to rising energy prices and stricter carbon reporting regulations. The company plans to increase its workforce by 15, while also tripling its annual recurring revenue within two years and expanding its customer base significantly from 120 to 400 locations.
Grid Edge helps customers cut costs while achieving their sustainability targets. With future tariff changes set to introduce price fluctuations, demand for Grid Edge's platform will only grow.
The funding will enable the company to take on more customers while continuing to develop its platform and plans to expand its team by creating 15 new jobs.
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