Yahoo News Tech group Grid Smarter Cities nets £2m investment to help cut congestion in London project
Newcastle technology company Grid Smarter Cities has secured a £2m investment to deliver a project in London which aims to cut congestion.
The Newcastle Helix based business has built a platform called Kerb, which allows drivers to book time slots to park on kerb space in towns and cities. The firm, which has received three lots of funding from Innovate UK since 2018, has now secured a £2m investment from TIG Corporate Finance, helping it to carry forward a trial with Westminster Council.
Grid Smarter Cities will provide its parking bay management system, Kerb, to manage parking for fully electric vehicles at two sites in the City of Westminster. The 18-month trial was launched by Coun Paul Dimoldenberg, Westminster Council’s cabinet member for city management and air quality in a bid to find an innovative solution for managing loading bays.
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The scheme allows electric van drivers to reserve a parking spot for up to 90 minutes, 24 hours a day, reducing ‘idling’ and space searching time for delivery companies, helping them to plan greener modes of transportation for onward deliveries, like cargo bikes or on foot. The Kerb software includes an app, an online interface, and an on-street e-sign, meaning distribution companies can pre-plan their schedules with defined delivery times.
Coun Dimoldenberg said: “There’s huge competition for kerbside space. We recognise more than 40 different users of the kerb, and it’s impossible to keep up unless we are on top of it 24 hours, seven days a week. So, we’re trying new ways of managing the kerb, so that we can keep on top of it, we can keep the city moving, we can reduce congestion.”
Neil Herron, chief executive of Grid Smarter Cities, said: “It’s an exciting time for Grid Smarter Cities as we enter into this trial with Westminster Council on the back off the back of fresh investment into our software.”
The TIG Corporate Finance deal with Grid Smarter Cities was supported by Square One Law who provided legal advice and RMT Accountants who provided specialist tax advice.
