Centrica has awarded £200,000 from the group’s Ignite investment fund to artificial intelligence energy start-up Grid Edge.
The Birmingham-based venture was formed by a trio of researchers who met whilst working together at the European Bioenergy Research Institute at Aston University in 2012.
The three friends – Tom Anderson, Jim Scott and Dan Wright – spent three years developing cloud-based energy management software which uses artificial intelligence (AI) to forecast a building’s energy requirements over a four-hour period. By optimising consumption patterns, the system is able to reduce energy use by up to quarter.
The investment from Ignite will enable the partners to work full-time on turning Grid Edge into a commercial enterprise as well as create four new roles at the company. A further three positions are expected to be created by the end of 2017.
“This investment is a game-changer for us,” said Grid Edge chief executive Tom Anderson. “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.”
Ignite investment principal Sam Salisbury said: “We believe Grid Edge is a fantastic example of an enterprise that could truly benefit society, which is the key reason why we’re backing the team.
“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.
Ignite has so far supported 25 companies with expertise and investment since it was created in 2014.