Edinburgh-based startup Continuum Industries has secured £8.1 million (approximately $10 million) in funding to further develop its AI-powered platform for infrastructure developers transitioning to greener energy solutions. Founded in 2018, Continuum has created the Optioneer platform, which employs artificial intelligence to help power, utility, and renewables companies assess routing options for various energy types.
The Optioneer platform is designed to analyze considerations such as power lines, onshore and offshore cables, as well as pipelines for hydrogen, water, and CO2. By utilizing AI, Continuum claims that it can significantly reduce the duration of the energy transition process from an average of one year to just eight weeks.
Grzegorz Marecki, Co-founder and CEO of Continuum, stressed the importance of smarter infrastructure planning to achieve the necessary energy transition for meeting global climate goals. Notable customers of Continuum include National Grid, SSEN Transmission, National Gas Transmission, and Iberdrola Group.
The Series A funding round was led by Singular, with participation from previous investors Credo, Playfair, Techstart Ventures, and several angel investors. Continuum intends to use the newly acquired funding to double its team size and expand into new territories across Europe and the United States within the next year. The company previously raised £1.5 million in a seed round in May 2020.