BGF, Ireland’s largest growth capital investor, has led a €3 million investment round in Ambisense.
This is the 3rd funding round completed by Ambisense. The company raised €1 million and €1.1 million in 2018 and 2019 respectively. This latest funding round is supported by existing investors including Sure Valley, Atlantic Bridge, and Enterprise Ireland. BGF’s investment approach is focused on taking significant minority positions in growth companies to support founders and shareholders to grow their businesses.
This funding will allow Ambisense to continue to innovate and bring exciting new products to market at an accelerated pace.
About the funding, Stephen McNulty said; “Both Covid 19 and the existential risks of climate change are catalysts for rapid transformation of the $17Bn (global) environmental monitoring markets. Today, Ambisense customers are using our solutions to reduce environmental risks on major infrastructure and construction projects, to prove that workplaces, colleges, schools and healthcare settings are safe places to return to, and to automate a huge variety of labour intensive, otherwise expensive monitoring and reporting compliance tasks. This funding will enable us to double down on our technology and product development strategy and scale our commercial offering to meet rising customer demand across both existing and new verticals. We are delighted to have secured the backing of BGF and welcome them to the next, exciting stage of the company’s growth. We are also extremely appreciative of the follow-on commitment from all of our existing investors. I would like to welcome Mark Sykes from BGF to our Board and to welcome Graham Love who is taking up the role of Non-Executive Chair.”
Mark Sykes, investor at BGF in Ireland, said; “This is a superb business which has an excellent reputation and a top-class client list, and we are delighted to partner with them as they continue on their growth journey. Their technology has many important applications, which have come to the fore through the pandemic, with AmbiAir having the potential to significantly improve safety across a wide range of indoor settings from schools to retail stores and workplaces.”
Leo Casey, Head of BGF in Ireland added: “We’re delighted to welcome Stephen and the team to the BGF portfolio of successful Irish businesses backed by BGF. We’re pleased to be joining existing investors Sure Valley Ventures, Atlantic Bridge and Enterprise Ireland in backing Ambisense. This is our first co-investment in Ireland, and we could not be happier with our investment partners.”
Barry Downes, Sure Valley Venture Managing Partner said: “Environmental risk assessment is high on the business agenda and calls from education leaders for better measures to prevent the spread of airborne diseases has been well-documented in recent media headlines. Ambisense’s technology has already attracted the attention of major infrastructure developers and their pipeline is extremely strong due to its ability to predict ventilation risks before they can cause harm. We are therefore delighted to continue backing the innovative Ambisense team as they focus on scaling up their business to deliver on the significant demand they are experiencing.”
Graham Love, incoming Chairman added: “Stephen and the Ambisense team have developed some truly ground-breaking environmental solutions, which are hugely relevant to the increasing challenges which all organisations face to safeguard the health of their employees and customers. I look forward to working with them to deliver on their ambitious plans for future growth. “
This funding has also prompted us to rapidly expand our team, with a number of new roles across different functions.