£7.9m funding round will accelerate cutting edge robotic AI development and create jobs at Aberdeen-based firm
L-R: Jonny Nixon, Investment Director, Mercia Ventures; Alan Peel, Executive Chairman, Leap AI; Ben Bamford, CTO, Leap AI; Jane Reoch, Executive Director, Scottish National Investment Bank; Ben Stuart, CEO, Leap AI; Simon Comer, Director – Innovation, Scottish National Investment Bank
A new investment, led by £3.5m from the Scottish National Investment Bank (“the Bank”), will enable scale and growth for Leap Automation Ltd (“Leap AI”), an emerging leader in low-cost industrial AI robotics. The Aberdeen-based company is set to create new, highly skilled jobs and scale its IP development following the fundraising round, which includes Mercia Ventures and WA Capital.
Leap AI delivers robotic solutions for the manufacturing sector. Its AI-powered technology enables it to deliver robotic automation for companies of all sizes. The company has chosen the food and drinks sector as the initial market to launch its technology, as one of the country’s priority growth industries. Labour shortages are a prominent issue here and economic conditions have left firms seeking new and innovative production solutions.
Ben Stuart, CEO of Leap AI, said: “From the outset we have strived to build simple, flexible and cost-effective robotic systems that solve our customers’ most pressing challenges. The need is greater now than ever before, with labour shortages costing the UK food sector over £1.4bn last year. This funding will enable us to increase headcount, scale our operations and solve more problems for more customers through further product development.”
Jane Reoch, Executive Director at the Bank, said: “AI robotics is an area with high-growth potential, and Leap is at the forefront of the industrial AI movement. We are delighted to back a first-class team on their growth journey and to crowd in significant private capital.”
As an impact investor, the Bank provides patient capital for business and projects that are making a positive impact on Scotland’s future. Leap Automation is aligned to the Bank’s missions; creating skilled jobs in the northeast and helping to create and scale a more competitive and diversified economy through innovation.
Jonny Nixon, Investment Director at Mercia Ventures, said: “We’re really excited about the potential of Leap AI at a time when inflation and labour shortages are placing ever greater pressure on business. We think this technology can play a crucial role in boosting productivity across a range of end markets.”
The investors will join existing funders, Scottish Enterprise and Alba Equity.
Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise, said: “High-growth companies are transforming Scotland’s economy by developing innovative products and services, creating high-value jobs and internationalising their operations. Leap AI has the potential to do all of this.”