Irish-owned green technology firm StormHarvester has concluded a €2m investment round as it prepares to expand into the US, Canadian, Australian and New Zealand markets.
The new investment also coincides with the launch of a recruitment drive, with StormHarvester set to hire additional software engineers and drainage engineers at its headquarters in Belfast, and expanding its global sales and marketing team.
It plans on creating 30 new jobs over the next three years.
In 2019 the company expanded into 19 new markets through a partnership deal with Dutch infrastructure giant Wavin worth an estimated €6m over the next five years. It has been reported that the value of the partnership could exceed this figure.
Limerick-born Brian Moloney, chief executive of StormHarvester, said the €2m investment would allow the company to take its technology further into the European market and also enter the "exciting" North American market.
"We are planning to action our aggressive hiring plan over the coming months and grow our team significantly," he said.
"This will initially focus on building our capacity to tackle major water management and sewer pollution issues through the hiring of software engineers, data scientists and drainage engineers, as well as expanding our marketing team to raise awareness of our products."
StormHarvester's technology, which was launched in 2017, uses machine learning, rainfall prediction and forecasting tools to monitor and control water and wastewater networks. The product optimises network performance to manage extreme weather conditions, reduce urban flooding and facilitate the reuse and recycling of rainwater.
Green Angel Syndicate - an angel investment syndicate which invests only in companies that are of benefit to the green economy - led the investment round.
The round also included Invest NI Co-Fund II and local HBAN business angels, Techstart Ventures, London-based Eden Rock and several local and international angel investors.
John Waters, a Green Angel Syndicate investor who will join the StormHarvester board as a non-executive director, said he believed the company could play a significant role in reducing the social and economic impacts of urban flooding and accelerate the recycling of rainwater.
Sunday Indo Business