Belfast-based green tech company StormHarvester has raised £8.4 million in new funding as it looks to expand the business over the next three years.
The software firm, which currently employs around 50-people, expects to double its workforce over the coming 36 months.
Set up in 2017 by civil engineer Brian Moloney, StormHarvester said it has experienced significant growth following the launch of a first-of-a-kind artificial intelligence (AI) platform in 2019.
The solution uses machine learning and rainfall forecasting to help wastewater utilities prevent avoidable flooding and pollution by using a prediction and anomaly detection approach.
The platform is now being used by 75% of wastewater utility firms in the UK.
The new funding has been provided by YFM Equity Partners and Emerald Technology Ventures.
Leeds based YFM Equity Partners (YFM), which has offices across Britain, specialise in helping small firms scale up.
Zurich-headquartered venture capital firm Emerald focus on investing in start-ups tackling climate change and sustainability.
Brian Moloney said the fresh investment will facilitate the expansion of the StormHarvester’s product range and help accelerate growth into new markets including Australasia and North America.
“This significant investment represents a transformative step in our company’s journey, fuelling our expansion and creating exciting opportunities for Northern Ireland’s job market,” said the tech CEO.
“We’re thrilled to announce new positions spanning sales and marketing roles to drive our global reach, alongside cutting-edge technical roles that will shape the future of our smart technology as we advance our innovative product roadmap.”
Mike Clarke, a partner at YFM, said, “Having been the first to market in the UK, the StormHarvester team has carved out a market-leading position, expanding to meet ever-growing demand from the utilities sector.
“The company is now focused on international expansion, and we are excited to be supporting its scale-up journey.
“More importantly, we are immensely proud to be associated with a company that is making a tangible difference in reducing pollution and flooding.
By enabling utilities to proactively manage their networks, StormHarvester’s technology is setting a new standard in environmental stewardship and sustainability.”
