Ireland-based software company StormHarvester announced an investment of $10.2 million, which will accelerate the company’s growth and double its workforce over the next three years. YFM Equity Partners and Emerald Technology Ventures provided this investment.
The company, which developed an automated water management software platform that helps wastewater utilities tackle flooding and pollution, experienced significant growth following the launch of its first-of-a-kind Artificial Intelligence (AI) platform in 2019.
This solution uses machine learning and rainfall forecasting to help wastewater utilities prevent avoidable flooding and pollution. It utilizes a prediction and anomaly detection approach, which is now being used by 75% of wastewater utilities in the UK.
This funding round will facilitate the expansion of the company’s product range and sales and marketing capabilities. It will also accelerate growth into new markets, including Australasia and North America while strengthening its presence in the UK.
StormHarvester was initially founded in 2017 by Brian Moloney, an experienced civil engineer who strongly desires to improve wastewater network performance and was frustrated with the lack of innovation in both the design and operation of networks. He could see a significant opportunity to improve performance using a more data-centric approach, and the company’s initial work centered on understanding the relationship between rainfall and draining networks. After this was understood, the focus then turned to predicting future network performance using rainfall datasets.
Following the launch of this platform, StormHarvester won its first formal project with Wessex Water in 2019 and since then has seen continuous growth which places the company in a strong position to expand internationally.
KEY QUOTES:
“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. 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.”
- StormHarvester CEO Brian Moloney
“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.”
• ⁃ YFM Partner Mike Clarke
