Belfast-based green tech firm StormHarvester has just closed a €2m investment round and now plans to launch a major recruitment drive.
StormHarvester’s tech uses machine learning, rainfall prediction and forecasting tools to monitor and control water and wastewater networks. StormHarvester optimises network performance to manage extreme weather conditions, reduce urban flooding and facilitate the reuse and recycling of rainwater.
In 2019 StormHarvester expanded into 19 new markets through a partnership deal with Dutch infrastructure giant Wavin. Now with the new investment, the company will expand its team and enter the US, Canadian, Australian and New Zealand markets.
The firm is now launching a major recruitment drive, hiring additional software engineers and drainage engineers in Belfast, and expanding its global sales and marketing team. It will create 30 new jobs in the next three years.
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StormHarvester said that 2020 has been a challenging year for global water and waste-water networks as extreme flooding events were followed by consumers across the world shifting to working from home, putting additional pressure on networks and limiting the ability of engineers to access problem sites.
The business said its “innovative network management solution allows utilities to manage their systems remotely and is being trialled by major utility companies in the UK, Belgium and Germany.”
As a drainage engineer dealing with extreme weather conditions, StormHarvester founder Brian Moloney identified the potential of using predictive technology to manage water storage. The concept and technology was subjected to five years of research and development before the company was launched in 2017.
Brian commented: “This €2m investment will allow us take our technology further into the European market and enter the exciting North American market. We are planning to action our aggressive hiring plan over the coming months and grow our team significantly.
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"This will initially focus on building our capacity to tackle major water management and sewer pollution issues through the hiring of software engineers, data scientists and drainage engineers, as well as expanding our marketing team to raise awareness of our products”.
Green Angel Syndicate (GAS) – an angel investment syndicate which invests only in companies that are of benefit to the green economy - led the €2m investment round, which also includes Invest NI’s Co-Fund II and local HBAN business angels, Techstart Ventures, London-based Eden Rock and a number of local and international angel investors.
John Waters, a GAS investor who will join the StormHarvester Board as a non-exec director added: “This is the largest amount GAS has raised for a company to date which reflects the confidence we have in Brian and his excellent team to promote the sustainable use of our precious water resources.”
Techstart NI and Co-Fund NI are delivered by Invest Northern Ireland and supported by the European Regional Development Fund under the Investment for Growth & Jobs Northern Ireland Programme (2014-2020).
