AN AQUACULTURE technology company has secured a £10m investment to help accelerate development and support fish farmers.
Ace Aquatec’s new funding will directly support the creation of 15 new jobs and boost the company’s mission to provide fish farmers with advanced, data-driven insights that promote sustainable, ethical, and efficient operations.
The 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 for further investors to participate.
The round, consisting of £7.5m in equity funding plus an additional £2.5m debt facility, will support the creation of 15 jobs at the company’s offices in Dundee, Glasgow and Chile.
The roles will focus on the continued development of AI and its role alongside advanced sensors, cameras, and machine learning algorithms.
These developments will offer real-time insights that optimise welfare from cage operations through to harvest, enhancing sustainability, and improving profitability for fish farmers.
Aquamarine – Impact Capital Partners, a specialist blue economy investment banking advisory acted as lead financial advisor to Ace Aquatec.
Ace Aquatec provides customers with AI cameras able to accurately track fish weights, detect health issues (such as wounds or maturation), and track individuals in multiple species.
It also produces humane slaughter systems for farmed and wild fish using electricity in water.
New sea lice removal systems, utilising these same technologies, are being prepared for commercialisation.
The newly secured capital will enable the development of cutting-edge data-driven tools that provide actionable insights to improve both fish welfare and operational performance for farmers across the globe.
Wider changes will see Axel de Mégille joining the board as a non-executive director.
Axel is head of Stolt Ventures and brings a wealth of experience from board positions at software platform Signol, to Blockchain platform WaveBL.
Stolt Ventures is the corporate investment vehicle from Stolt-Nielsen, a leader in bulk liquid logistics and land-based aquaculture, with a strategy focused on efficiency and decarbonisation of global supply chains.
Nathan Pyne-Carter, CEO of Ace Aquatec said: “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.
“Having the backing of Stolt Ventures represents a pivotal moment in Ace Aquatec’s mission to revolutionise the aquaculture industry through welfare-first innovation, while providing vital employment opportunities.
“Stolt Ventures represents the perfect strategic fit given Stolt-Nielsen’s leading position in Stolt Sea Farm.
“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.”
Axel de Mégille, head of Stolt Ventures said: “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.”
Derek Shaw, director of entrepreneurship and investment at Scottish Enterprise, said: “This investment highlights our dedication to supporting the growth of ambitious businesses in Scotland.
“By helping these companies scale, we aim to create high-quality, high-value jobs and empower them to compete and lead in global markets.
“Fostering the development of companies such as Ace Aquatec is key to sustaining their success and driving future growth.”
Ace Aquatec designs products for the full fish lifecycle including their award-winning in-water electric stunners and underwater biomass cameras.
With this new capital, the company plans to create 15 new roles and expand its presence in Scotland, Chile and elsewhere in South America.
