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Cash injection for food oils pioneer MiAlgae

Douglas Martin
Douglas Martin: championing the circular economy

MiAlgae, an Edinburgh-based firm developing sustainable food oils, has secured further investment of £2.3m.

This will support its growth plans which include the completion of a commercial demonstrator facility near Stirling. 

Established in 2016, MiAlgae has created a solution to producing a sustainable source of Omega-3 for animal and human consumption – something which is currently produced by extracting the oil from billions of wild caught fish. 

The Conduit Impact Fund managed by Ascension led the round, investing £900,000, with new investor SIS Ventures putting forward £350,000. 

Having already previously invested, Equity Gap, Old College Capital and Scottish Enterprise all committed to additional funding, totalling over £1m. The investment builds on the £850k of grant funding recently secured from Zero Waste Scotland and Scottish Enterprise.

Initially the company is focused on the pet food sector with an eye on expansion into the aquaculture sector in the near future. Aquaculture is the largest consumer of fish oil produced globally which is used in fish feed.

The investment will also help grow the team at MiAlgae and increase its expertise. Ten posts, including a Head of Engineering and Commercial Director, will be created.

Douglas Martin, managing director, said: “It’s incredibly exciting to know that our investors see value in the biotechnology platform we’ve developed to tackle the production of omega-3 oils in a commercially viable way.

“Our process is championing the circular economy and the investment we have secured will be transformational in helping MiAlgae scale quickly both locally and abroad. 

“Our commercial demonstrator plant, due to be completed early in 2023, will help us improve food security globally, while our research department continues to drive the development of exciting, commercially viable biotech innovations.”

Ionate receives £3.3m

Deep-tech energy innovator IONATE has secured £3.3 million after a round of seed financing investment.

IONATE‘s patented technology resolves key power quality issues associated with energy decarbonisation.

The finance round, which included investment from the University of Edinburgh’s venture fund, Old College Capital, was led by deep-tech investor IQ Capital.

There was additional support from Smartworks, the investment arm of leading Austrian energy supplier Wien Group, cleantech impact VC Cycle Group, and deep-tech climate investor Zero Carbon Capital.

The company has been supported by Edinburgh Innovations (EI), the University of Edinburgh’s commercialisation service. It was founded in 2019 by its CEO Matthew Williams.

Funding for wearable technology firm

An Edinburgh-based company has landed £750,000 to develop wearable technology for older people that will predict the risk of falls and other age-related health issues.

Smplicare, founded in 2021, will use the funds from UK Research & Innovation (UKRI) and private investors for one of the UK’s largest research engagements of its kind involving AI, wearables and older adults.

At the conclusion of the study, the startup plans to launch its digital platform inspiring older people to better manage their own health for widespread use next year.

The funding came from as part of UKRI’s ‘Healthy Ageing Challenge’, which supports with the UK government’s ‘Grand Challenge’ of adding 5 years of healthy, independent life by 2035. 70 % of the funding is supported by the grant and 30% has been provided by private investors.

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