Dundee, Scotland-based aquaculture technology company Ace Aquatec has announced a successful investment round, raising EUR 10 million (USD 11.3 million) in investment to accelerate growth, particularly through building its AI program.
The round, which was oversubscribed and incorporates a period post close to allow more investors to participate, was led by Stolt Ventures, the corporate investment firm operated by Stolt-Nielsen, a Bermuda-headquartered bulk liquid logistics and land-based aquaculture company. Scottish Enterprise and Aqua-Spark also participated. It consisted of EUR 7.5 million (USD 8.5 million) in equity funding and EUR 2.5 million (USD 2.8 million) in debt facility. The funding will go to the creation of 15 new jobs in Dundee, Glasgow, and Chile, most of which will focus on the continued development of AI in Ace Aquatec products.
These include AI cameras which track fish weights non-invasively, detect health issues, and track individuals within the tank.
“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," CEO Nathan Pyne-Carter said.
The company also announced that Stolt Ventures Head Axel de Mégille would be joining the Ace Aquatec board as a non-executive director. De Mégille’s background in technology, particularly in Blockchain, is expected to be an asset.
“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," Pyne-Carter said. “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."
“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," Head of Stolt Ventures Axel de Mégille said.
Scottish Enterprise Director of Entrepreneurship and Investment Derek Shaw said that his organization was dedicated to supporting 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," he said.
Ace Aquatec recently appointed Alan MacLeod chief financial officer, saying that he would “support [Ace Aquatec’s] global growth strategy.”
The company, which also produces award-winning humane stunning systems for aquaculture producers, has said that it hopes to scale globally, and its recent projects – including a partnership with the Shrimp Welfare Project, and a strategic partnership with JBT Marel which will make it the company’s preferred provider – have expanded its profile significantly.
