Multi-million funding boost for flood mitigation software
Summary
Belfast-based software company StormHarvester has developed a solution that uses machine learning and rainfall forecasting to help prevent avoidable flooding and pollution using a prediction and anomaly detection approach, which is now being used by 75 per cent of wastewater utilities in the UK. In a statement, StormHarvester founder and CEO, Brian Moloney, said, “This significant investment represents a transformative step in our company’s journey, fuelling our expansion and creating exciting opportunities for Northern Irelands 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.” The investment comprises funding from YFM Equity Partners and Emerald Technology Ventures. Mike Clarke, YFM partner, 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. Noting a lack of innovation in the design and operation of networks, Moloney saw an opportunity to improve performance using a more data-centric approach.