A NEW funding round has reached £7.9m for a company developing AI robotics for use in Scotland’s industries.
Led by £3.5m from the Scottish National Investment Bank, with other backers including which Mercia Ventures and WA Capital, the investors hope this enables scale and growth for Leap Automation Ltd (Leap AI).
The Aberdeen-based company suggested that the new funding could help them to create new, skilled jobs and scale its IP development.
Leap AI delivers robotic solutions for the manufacturing sector with its AI-powered technology enables it to deliver robotic automation for companies of all sizes.
The company has chosen to focus on the food and drinks sector as the initial market to launch its technology, as one of the Scotland’s priority growth industries.
Labour shortages are a prominent issue in the sector and economic conditions have left firms seeking new 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 Scottish National Investment Bank, said: “We are delighted to back a first-class team on their growth journey and to crowd in significant private capital.
“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.”
As an impact investor, the Scottish National Investment Bank aims to provide patient capital for business and projects that have high-growth potential.
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, [they are] creating high-value jobs and internationalising their operations. Leap AI has the potential to do all of this.”
