Birmingham's Grid Edge Secures £2.8M to Scale AI Platform that Cuts Energy Costs and Emissions
By Anushka Malhotra
1 minute 39 seconds
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Quick Read: Grid Edge has raised £2.8 million to scale its AI platform that helps commercial buildings cut energy costs and carbon emissions, supporting rapid growth across the UK.
Birmingham-based tech firm Grid Edge has raised over £2.8 million in funding to expand its AI-powered energy optimisation platform that helps commercial buildings cut carbon emissions and reduce energy costs.
The latest investment comes from the Midlands Engine Investment Fund II, Mercia Ventures, and strategic backers including Centrica, bp Ventures, and private investors. The funding round is subject to approval under the National Security and Investment Act (NSIA).
Grid Edge’s innovative software is already being used by major clients such as Amey, Equans, and OCS, as well as landmark buildings like Birmingham’s Bull Ring and the Royal Opera House in London. By analysing real-time data from meters, sensors, and building management systems—and combining it with external inputs like weather and energy tariffs—its AI generates energy usage insights and recommendations that typically cut carbon and costs by up to 20%, with a return on investment in just six months.
Photo Credit: Grid Egde
The £2.8m will support Grid Edge’s ambitions to expand its customer base, enhance platform capabilities, and grow its 28-person team with 15 new hires in sales, technical, and support roles.
Founded in 2016 by energy experts Jim Scott, Dan Wright, and Tom Anderson, the company has rapidly grown under the leadership of CEO Paul McCorquodale, formerly of EE and Amber Energy. Grid Edge’s annual recurring revenue (ARR) has increased by 150% in the last year alone, with a goal of nearly tripling that again in the next two years. The number of supported building locations is also set to jump from 120 to 400.
Paul McCorquodale said:
“Our mission is to simplify the complex world of energy and building systems, helping businesses reduce emissions and cut costs,. This funding will enable us to onboard even more customers and further extend our reach and impact.”
The round was led by Mercia Ventures, with legal support from Shakespeare Martineau.
Rafael Joseph of Mercia Ventures added:
“Grid Edge is at the forefront of sustainable energy management, and their growth comes at a pivotal moment. As energy prices fluctuate and sustainability regulations tighten, the demand for smart solutions like Grid Edge’s will only rise.”
Beth Bannister of the British Business Bank said the Midlands Engine Investment Fund II was designed for exactly this kind of innovation:
“Grid Edge represents the kind of high-impact, growth-driven business that will drive our transition to net zero while strengthening the Midlands economy.”
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