Dundee firm Ace Aquatec, which produces high-tech equipment for the fish farming industry, has completed a £10 million funding round.
Based at Water’s Edge in City Quay, the firm said the investment will mean it can add to its workforce as it targets growth internationally.
The funding round, which was oversubscribed, was led by investment firm Stolt Ventures, with participation from Scottish Enterprise and Aqua-Spark.
It consists of £7.5m in equity funding and a £2.5m debt facility. It will support the creation of 15 jobs at the company’s offices in Dundee, Glasgow and Chile.
Revolutionising fish farms with tech
Ace Aquatec is one of the city’s most innovative firms, winning several awards for its range of products used by the aquaculture sector.
The company was formed in 1999 by inventor John Ace-Hopkins and investor Annette Pyne-Carter, to try to find solutions to some of the biggest problems for fish farms, including seals damaging stocks.
Mr Ace-Hopkins died in 2011 and Annette’s son and current chief executive Nathan bought his shareholding and further developed the company’s range of acoustic deterrents and stunning devices.
The company’s mission is to empower fish farmers with advanced, data-driven insights that promote sustainable, ethical, and efficient operations.
Ace Aquatec funding round
The new Ace Aquatec roles as a result of the latest funding will focus on the continued development of AI alongside advanced sensors, cameras, and machine learning algorithms.
Mr Pyne-Carter said: “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.
“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.”
Ace Aquatec’s chairman is Dundee Minecraft entrepreneur Chris van der Kuyl, who has invested in the firm.
It has a workforce of 43 staff and is active in 26 countries.
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