Ace Aquatec, which calls itself a “welfare-first aquaculture technology company,” has secured £15 million (USD$20 million) in its latest investment round. The funding will directly support the creation of 15 new jobs focused on the continued development of AI and its role alongside advanced sensors, cameras, and machine learning algorithms.
The company also plans to expand its presence in Scotland, Chile and elsewhere in South America.
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 unique humane slaughter systems for farmed and wild fish using electricity in water. New sea lice removal systems, utilizing these same technologies, are being prepared for commercialization.
The company said it will use the funding to gain real-time insights to optimize fish welfare from cage operations through to harvest, enhancing sustainability, and improving profitability for fish farmers.
The round, consisting of £7.5 million in equity funding plus an additional £2.5 million debt facility was led by Stolt Ventures, with participation from Scottish Enterprise and Aqua-Spark. It was oversubscribed and incorporates a period post close to allow for further investors to participate.
Axel de Mégille, Head of Stolt Ventures, will join the board as a non-executive director. Stolt Ventures is the corporate investment vehicle from Stolt-Nielsen, bulk liquid logistics and land-based aquaculture company, with a strategy focused on efficiency and decarbonization of global supply chains.
“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,” said Nathan Pyne-Carter, CEO of Ace Aquatec.
