Leap Automation (Leap AI) – an Aberdeen-based company specialising in low-cost industrial AI robotics – has secured a £7.9m investment to support its further growth. Mercia Ventures invested alongside the Scottish National Investment Bank and WA Capital in the funding round, which will enable it to expand new, highly-skilled jobs and scale its intellectual property development.
Leap AI delivers AI-powered robotic solutions for the manufacturing sector and has chosen the food and drinks sector as the initial market to launch its technology. The sector is one of the country’s priority growth industries, but labour shortages are a prominent issue 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, intuitive and cost effective robotic systems that solve our customers’ most pressing challenges. The need for such systems 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.”
Johnny Nixon, Investment Director at Mercia Ventures, said: “We’re really excited about the potential of Leap AI. Leap’s powerful technology enables low-cost robots to be deployed simply whilst providing rapid payback and productivity increases for its customers at a time when inflation and labour shortages are placing ever greater pressure on business. We’re backing a strong team, building and commercialising technology which we think can play a crucial role in boosting productivity across a range of end markets.”
Jane Reoch, Executive Director at 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.”
The new 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.”