Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has announced a £125,000 follow-on investment by Low Carbon Innovation Fund 2 (LCIF2) into its portfolio company ANB Sensors (ANB). Co-investors in the round included Hatch Accelerator Fund and Applied Technology Ventures, with a total of £500,000 raised.
ANB was founded in 2015 to develop and commercialise next-generation, calibration-free pH sensor technology that is robust enough to use in hostile environments, including the deep ocean where measurements help in modelling the impacts of climate change. This is in contrast to existing sensors which are fragile requiring special storage conditions and frequent manual calibration to maintain performance.
ANB previously secured £2.3m in equity and grant funding and has filed ten patents. Commercial sales of ANB’s sensors commenced in December 2020 and the company has since sold to customers across four continents. ANB’s product portfolio is rapidly evolving, and the company is working with key partners to provide solutions for the aquaculture and oceanography markets.
Francis Wright, Managing Director at Turquoise, commented:
“ANB Sensors has made significant progress since our first investment in August 2021, with market-leading products now available for the aquaculture and oceanography markets. We look forward to a further expansion of ANB’s activities in 2023.”
Nathan Lawrence, CEO of ANB Sensors added:
“We are delighted with the strong support given by LCIF2 and our other shareholders. The investment provides working capital for our growing commercial and manufacturing activities, as well as funding new product development.”
LCIF2 is funded by the European Regional Development Fund, with the UK Ministry of Housing, Communities and Local Government as the Managing Authority.
For more information please visit www.anbsensors.com, www.LCIF.vc and www.Turquoise.eu.