Cleantech start-up Grid Edge has closed a £2 million funding round, securing investment from bp ventures, Goldacre and Aston University.
This new funding is to support Grid Edge in scaling up and maturing the business over the next 18-24 months, enabling the company to reach more customers, develop new products and further grow its team.
Grid Edge provides a Software-as-a-Service solution, which is underpinned by machine learning, to manage the energy profile of industrial and commercial spaces. It has partnerships with British property development and investment company Hammerson PLC and the Royal Opera House, as well as partnerships with Smartest Energy and Marubeni.
The company said the new funding recognises the value and growth that Grid Edge has continued to deliver despite the impact of COVID-19 on its core market, such as shopping centres, airports and universities.
Nacho Gimenez, managing partner at bp ventures, said Grid Edge's solution is "smart, simple and effective", adding it's already making a difference to many building owners in the UK.
Other recent investments by bp ventures include into Indian electric vehicle charging start-up BluSmart, European in-car payment app ryd and IOT-enabled EV charging firm IoTecha.