A Dundee technology company has secured investment that will allow it to grow its products and create new jobs.
Ace Aquatec, one of the city’s most innovative firms, has secured an undisclosed investment from Earth Capital Limited (ECL).
It joins existing investors Aqua-Spark, one of the biggest blue growth investment funds, with a shared mission to move the aquaculture industry towards more sustainable and affordable production.
The Dundee firm has raised more than £10 million since its series A investment with Aqua-Spark and Chroma Ventures.
Ace Aquatec has already shown strong growth in key markets including the UK, Europe, Canada, South America, and south-east Asia.
It plans to use part of the cash injection to expand its presence and distributor networks in these markets.
The firm also plans to create 10 jobs in engineering, software and sales roles both in Dundee and at its base in Chile.
Plans to develop new technology
Ace Aquatec chief executive Nathan Pyne-Carter said: “Earth Capital Limited shares our outlook and passions – the critical importance of technology to drive sustainable food production.
“Together we can tackle one of the world’s most pressing issues by providing sustainable and responsible protein for a growing world population.
“The team’s support and expertise will help us scale the business and take another huge step forward in the development of high-welfare products for the global seafood industry.”
The investment will also allow Ace Aquatec to accelerate its development in innovative aquaculture technology – such as its biomass camera, which has recently started production following successful trials.
The underwater camera is designed to detect and quantify fish biomass automatically.
It uses machine learning and artificial intelligence to produce accurate, real-time data on a range of fish species populations and distributions.
Board appointments at Ace Aquatec
Meanwhile, ECL senior investment manager Bradley Jones has joined the Ace Aquatec board.
Mr Jones said: “We are excited to be partnering with Ace Aquatec, a key player in the aquaculture industry, on the next stage of its development journey.
“Championing sustainable practices and setting high welfare standards paves the way to ensuring that seafood farming becomes one of the biggest opportunities to responsibly feed a growing population.”
Dundee businessman appointed chairman
Further changes to the board see Chris van der Kuyl, principal of investor Chroma Ventures, become chairman.
Nina Santi, a senior advisor at Inaq, a business strategy advisory firm specialising in the seafood industry, also joins the board as a non-executive director.
Mr van der Kuyl said: “Nina is an accomplished and transformative executive with extensive experience in operations and technology management within the aquaculture sector.
“The board will also benefit from her strong scientific research capability and innovation experience”.
Conversation