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Economic Development

New investment for tech firm launched by Aston University lecturers

Trio who met at the institute in 2012 has secured new capital to help with the development of their green software

The team from Grid Edge (from left): Goda Bieksaite, Tom Anderson, Will Byrne, Dan Wright and Paul-Daniel Lurea

A tech company founded by former Aston University lecturers has secured new investment to support development of its artificial intelligence software.

Grid Edge was established by Tom Anderson, Jim Scott and Dan Wright who met while working together at the university's European Bioenergy Research Institute in 2012.

Following three years of product development, the trio has created cloud-based energy management software which uses artificial intelligence (AI) to forecast a building's energy requirements over a four-hour period to optimise its consumption.

They say 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.

Grid Edge has now secured £200,000 from Ignite, the impact investment fund operated by British Gas owner Centrica.

The investment now means the three partners can focus their efforts full-time on turning Grid Edge into a commercial venture.

It is also creating four roles at its headquarters in the city centre with plans to recruit four more staff by the end of the year.

Mr Anderson said: "This investment is a game changer for us.