Dundee, Scotland-based Ace Aquatec, an aquaculture technology company, has secured £10M (approximately €11.7M) in funding, consisting of £7.5M in equity funding plus an additional £2.5M (approximately €2.9M) debt facility.
The funding round was led by Stolt Ventures, with participation from Scottish Enterprise and Aqua-Spark.
This latest round was oversubscribed and incorporates a period post-close to allow further investors to participate.
Fund utilisation
The funding will help the company create 15 jobs at the company’s offices in Dundee, Glasgow, and Chile.
The roles will focus on developing AI, advanced sensors, cameras, and machine learning algorithms.
Nathan Pyne-Carter, CEO of Ace Aquatec, says, “Our customer is at the heart of everything we do, and this investment allows us to meet the needs of farmers globally by expanding our portfolio, hiring top talent, and deepening our data capabilities.”
These tools will give real-time insights to improve fish welfare from cage operations to harvest, making fish farming more sustainable and profitable.
Aquamarine – Impact Capital Partners, a specialist in blue economy investment advising, acted as Ace Aquatec’s main financial advisor.
Additionally, the company will utilise the capital to accelerate growth and expand its digital technologies internationally.
As a part of the funding round, Axel de Mégille is joining the board as a non-executive director.
He is the Head of Stolt Ventures and has experience from his roles at Signol, a software platform, and WaveBL, a blockchain platform.
Axel de Mégille, Head of Stolt Ventures, says, “This investment demonstrates our ongoing commitment to providing world-class innovative solutions to the aquaculture sector globally, and we look forward to working together with the Ace Aquatec team in setting the highest welfare standards while responsibly meeting the changing needs of customers.”
Ace Aquatec: Developing welfare-first aquaculture technology
Led by Nathan Pyne-Carter, Ace Aquatec provides AI cameras that help monitor fish weights, identify health problems like wounds or maturation, and track different species.
The company also creates humane slaughter systems for farmed and wild fish using electricity in water.
Furthermore, new systems for removing sea lice that use similar technologies are being prepared for market launch.
The company’s acoustic devices provide welfare-first sound technology to protect marine environments during offshore construction and move seals away from salmon farms.
“This investment, alongside Scotland’s national development agency Scottish Enterprise, will ensure strong local support for the team, which has drive, innovation, and ambition to be a global player. Our incoming investors complement our existing shareholder group, particularly Aqua-Spark, who continue to provide long-term support for the business,” adds Pyne-Carter.
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