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.
LCIF2 is managed by Turquoise and is a venture capital fund investing in eligible small to medium sized businesses based in England, particularly the areas covered by its local government backers, developing products and services which will have a beneficial environmental impact.
LCIF2 is funded by the European Regional Development Fund (ERDF), following a successful bid by Norfolk County Council and the University of East Anglia. ERDF is an investment programme part financed by the European Union. LCIF2 is part of the UK government’s portfolio of business support products.
LCIF2 has received £10.9m (for co-investment alongside private monies) from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for this funding. Established by the European Union, the ERDF helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk /european-growth-funding.