BGF has led a €3 million investment round in Ambisense. Ambisense is an IoT (internet of things) and AI (artificial intelligence) environmental analytics business. The company, founded in Dublin City University in 2014, is led by founder Stephen McNulty.
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 Suir Valley, Atlantic Bridge and Enterprise Ireland. BGF’s investment approach is focused on taking minority positions in growth companies.
Ambisense employs 18 people and has operations in Dublin, the UK and the Netherlands. The company combines Artificial Intelligence with reliable, field-deployable instruments that generate and analyse a continuous flow of data, enabling the prediction of environmental hazards before they occur. Their technology has already been successfully used on some of the world’s largest infrastructure projects, and their newest product, AmbiAir, which monitors indoor air quality, can be used to minimise Covid 19 risk and is seeing rapid growth at present.
Speaking today, Stephen McNulty said; ‘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 our existing investors. The IPCC report is a ‘Code Red for Humanity’. Technologies and solutions which can mitigate environmental risk have never been more important. 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. I am very excited to work with Graham who has an incredible track record of building and scaling technology-led businesses and a huge level of industry experience given his previous role as Chair of SLR Consulting. I would also like to put on record, my sincere thanks to Philip O’Quigley, our outgoing Chair who has been a huge part of the company’s success to date, and who will remain on the Board.
Mark Sykes, investor at BGF, 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 to help 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 Suir 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.”
Graham Love, the former CEO of QinetiQ, has also invested in the round and will join Ambisense as Chairman. Mark Sykes of BGF will join the Board.