Calash is pleased to announce that it provided commercial due diligence to the Scottish National Investment Bank on its investment into Leap AI, a low-cost industrial AI robotics company.
Aberdeen-headquartered Leap AI is a provider of robotic solutions for the manufacturing sector, focusing on the food and drinks sector as the initial market to launch its technology, as one of the country’s priority growth industries. The Scottish National Investment Bank is investing £3.5m of equity to to scale the company, create new, highly skilled jobs and scale its IP development. The Bank’s investment is part of a total £7.9m fundraise, which includes Mercia Ventures and WA Capital.
Calash provided commercial and management due diligence on the deal on behalf of the Scottish National Investment Bank. Commercial due diligence included reviewing the target’s business activities, addressable market, competitive positioning, route-to-market, business plan review, and a review of its partnerships and potential exit strategies.
The Calash team included Rob Neves, Callum Evett, James Kirby and Matt Walsh.
“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.”
Jane Reoch, Executive Director, Scottish National Investment Bank
Read the full press release Here
The Scottish National Investment Bank invests in Scottish businesses, projects and communities to deliver environmental, social and financial returns for the people of Scotland. Investments in debt and equity are made on commercial terms based on the needs of individual projects or businesses.
The Bank invests in businesses based in Scotland, projects based in Scotland, or businesses seeking to move to Scotland. Typically, the Bank will invest in businesses and projects seeking more than £1m in investment support (debt or equity). All investments must deliver both commercial returns and mission impact returns that support at least one of the Bank’s missions.
Leap AI was founded in 2017 by its CEO Ben Stuart and CTO Ben Bamford, having identified a lack of automation in the UK manufacturing sector. The company delivers robotic solutions for the manufacturing sector. Its AI-powered technology enables it to deliver robotic automation for companies of all sizes. The company has chosen the food and drinks sector as the initial market to launch its technology, as one of the country’s priority growth industries. Labour shortages are a prominent issue here and economic conditions have left firms seeking new and innovative production solutions.
