Smart city tech firm secures £500k investment
Sunderland-based tech firm Grid Smarter Cities has secured £500,000 from a private investor.
It takes the total amount of investment raised to £1.8 million over the past three years.
Grid Smarter Cities is working on a £1.1m Kerb Virtual Parking Bay Solution Project, which is funded by Innovate UK.
The tech, being rolled out in London, allows delivery companies to pay for timeslots to load or unload on restricted inner city kerbs.
Neil Herron, founder of Grid, said: "Virtual loading bays and intelligent management of inner city kerb space are key tools in the fight to reduce city air pollution and we are delighted that they are mentioned directly in the Air Quality Action Plan recently published by the London Mayor.
"The roll out of Kerb VPS technology will help London's boroughs directly manage their air quality by deciding on the fee and the locations to be used to prioritise low-emission vehicles, encourage activity in off-peak periods and improve traffic flow."
Square One Law and RMT Accountants & Business Advisors advised Grid on the deal.
John Hammill, corporate partner at Square One Law, said: "Having worked with Grid Smarter Cities for the past four years, we have seen growing interest from investors who have been impressed by its team's well executed approach to complex issues within areas such as rail, fuel and freight optimisation.
"This latest round of fundraising will play an important role proving the benefits of Kerb VPS solution through detailed data and operational analysis for dissemination into the wider marketplace both in the UK and internationally."
Stephen Slater, director of commercial services at RMT, said: "We are excited to be playing our part in facilitating the wider implementation of technology developed here in the North East."
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