Emerald leads GBP £8.4m round to boost StormHarvester

Emerald Technology Ventures has led a GBP £8.4 million (USD $10.2 million) funding round for StormHarvester, a Belfast-based machine-learning and analytics firm, to enhance its smart water management solutions.

StormHarvester launched its automated water management platform in 2019. The software utilises machine learning and rainfall prediction to aid wastewater utilities in avoiding flooding and pollution through predictive maintenance and anomaly detection.

The funding will support the expansion of StormHarvester's product range and strengthen its sales and marketing capabilities. Additionally, the financial backing will assist the company's expansion into new markets, including Australasia and North America, while reinforcing its UK presence.

Since its inception, StormHarvester has seen considerable growth, with its machine learning technology being employed by wastewater utilities throughout the UK. The technology detects sewer blockages, pumping station anomalies, inflow and infiltration, resulting in reduced pollution incidents and conformity with environmental standards.

StormHarvester's team has grown to 50, and 75% of UK water utility companies are now using the platform, indicating a demand for improved wastewater management solutions in light of urbanisation, climate change, and population increase, all of which pressure current systems.

Brian Moloney, CEO of StormHarvester, said, "Expensive-to-replace networks, urbanization, climate change, and population growth are putting a huge strain on wastewater systems, and this has resulted in increased flooding and pollution. StormHarvester's AI solution is solving these problems, identifying issues before they happen and facilitating proactive intervention. Our technology not only improves operational efficiency for utilities but also plays a critical role in reducing pollution, protecting vital water resources, and supporting a healthier environment."

YFM Equity Partners led the round, with Mike Clarke, YFM Partner, expressing enthusiasm for StormHarvester's expansion prospects. "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. More importantly, we are immensely proud to be associated with a company that is making a tangible difference in reducing pollution and safeguarding our natural waterways. By enabling utilities to proactively manage their networks, StormHarvester's technology is setting a new standard in environmental stewardship and sustainability," he said.

Clayton MacDougald, Emerald Investment Director who will join StormHarvester's Board of Directors, highlighted the challenges faced by utilities. He stated, "Utilities today face a slew of challenges from aging infrastructure to resource & funding gaps, however the most daunting are the impacts of climate change, including increased flooding and subsequent pollution events."

He further added, "StormHarvester has proven they have the cutting-edge solutions to help customers proactively reduce these events, manage their infrastructure, and gain invaluable insights into improved operations in an efficient manner. Emerald is excited to partner with the amazing team at StormHarvester and lead-investor YFM as the company continues to solve these ever-growing climate issues around the globe."