October 18-20 | Tucson, AZ

The Research Institution GAP Fund and Accelerator Program Summit

Aston University startup gets $200K seed funding to bring AI to smart buildings 

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October 18-20, 2023 / Tucson, AZ
The annual summit for research institution gap fund and accelerator programs, including proof of concept programs, startup accelerators, and university venture funds

The Story

Grid Edge, is the brainchild of three researcher friends, Tom Anderson, Dr Jim Scott and Dr Dan Wright, who met while working together at Aston University’s European Bioenergy Research Institute in 2012. The funding comes from Ignite, the investment fund from UK power supplier Centrica, to help it take a step closer to realising its commercial potential.

Following three years of product development, the three researchers have created cloud-based energy management software which uses AI to forecast the building’s energy requirements over a four-hour period to optimise its consumption. In turn, the system can help reduce energy use in buildings by up to 25 per cent, helping to lower carbon emissions and energy bills while also improving system resilience.

The company is also creating four roles at its city-centre headquarters, with three further positions planned by the end of the year.

“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. Our ambition is to be in more than 500 large-scale buildings within five years,” said Tom Anderson, CEO of Grid Edge.

The Ignite fund has supported more than 25 enterprises in the last three years. “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,” said Sam Salisbury, Investment Principal for Ignite.

Source: Startup gets seed funding to bring AI to smart buildings | EETE Power Management

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