Dundee, Scotland, -based aquaculture technology company Ace Aquatec has secured an investment from cleantech investor Earth Capital Limited (ECL) to grow its portfolio of products and markets. ECL joins existing investors Aqua-Spark and Chroma Ventures.
The group will benefit from ECL’s experience and support with Senior Investment Manager Bradley Jones joining the Ace Aquatec board.
“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. Sustainable farming aligns perfectly with Earth Capital Limited’s mission to advance technology within the energy, food, and water sectors while driving towards a net-zero future,” Jones said.
Ace Aquatec CEO Nathan Pyne-Carter said ECL would help it scale the business and “take another huge step forward” in the development of high-welfare products for the global seafood industry.
“We are also excited to welcome Bradley Jones to our board, whose deep knowledge and strategic insights will be invaluable in guiding our future growth,” he said.
Other changes to the board include Chris van der Kuyl’s appointment as Chair and Nina Santi joining the board as a non-executive director. Van der Kuyl is Principal of existing investor, Chroma Ventures and Santi is a senior advisor at INAQ AS, a business strategy advisory firm specialising in the seafood industry.
Ace Aquatec has raised over £10 million since its series A investment with Aqua-Spark and Chroma Ventures. It has reported strong growth in key markets including the UK, Europe, Canada, South America and Southeast Asia and will use part of the additional capital to expand its presence and distributor networks in these markets. It will also provide a recruitment boost, with 10 jobs expected to be created including engineering, software and sales support roles in Dundee and Chile.
Additionally, the investment will enable the acceleration of the firm’s development in innovative aquaculture technology solutions, including its Biomass Camera which has recently started production following successful trials. This underwater camera is designed to detect and quantify fish biomass automatically. It uses machine learning and artificial intelligence (AI) to produce accurate, real-time data on a range of fish species populations and distributions.
Aqua-Spark Investment Manager Josien Bakker commented: “Since our first investment in Ace Aquatec, we’ve known they had the vision to transform the sector by developing products that make fish farming more humane while protecting the environment. They have built a well-known brand, due to the company’s accessibility and scientific evidence. Its growth since then is proof that breakthrough technologies are being embraced by farmers, processors, and supermarkets pushing for improved fish welfare across the entire industry. We’re looking forward to partnering with Earth Capital Limited, a fund committed to sustainable technology that will spotlight how much we can do to improve the welfare of fish across the industry.”
