Archer Knight (Holdings) Limited (AKHL) has announced successful completion of a £500,000 equity raise. Assisted by the M&A and financing experts Gneiss Energy Limited, AKHL secured the funds from 22 industry investors throughout the global subsea hubs. The Aberdeen based firm will use the funds to help grow their overall service offering and launch their market intelligence software platforms and applications throughout the subsea energy sector.
Founded in August 2016, AKHL is an asset intelligence company focusing on subsea digital market intelligence, resource data and strategic and operational subsea project support. The company recently appointed oil & gas industry expert John Scrimgeour as Non-Executive Chairman and aim to further strengthen the board now the raise is complete. Scrimgeour will also be investing in the company.
“This raise was about more than investment.” said Mike Watson, co-founder and Executive Director. “We now have a strong group of experienced investors who are well networked globally and have an exceptional industry knowledge. Our plan has always been to demonstrate proof of concept in the UK market and then expand our geographical reach internationally as soon as possible. This raise ensures we now have the liquidity to deliver.”
Recording its highest turnover to date in 2018, the business has continued its strong performance into the first quarter of 2019 and expects this upward trend to continue for the rest of the year .
The company will be recruiting for 10 new positions immediately as they prepare for the launch of their software platforms later this year.
“We’re confident we can deliver key market intelligence data to our clients and subscribers in a way more suited the demands of today’s consumers.” said co-founder and Executive Director David Sheret. “Our aim is to be at the forefront of subsea market intelligence and to do that we need to be distributing and pushing the information our clients require in a trusted, real-time manner, whenever and wherever they need it. We’re very excited by the SaaS prototypes we’ve developed over the past two years and now we plan to build and launch the platforms over the next six months and position ourselves as one of the leading market intelligence firm in the subsea space.”
Speaking on behalf of Gneiss Energy, Kenneth Bell said “We are delighted to support a significant equity fund-raising for AKHL. In addition to introducing strategic capital, the new shareholders will serve as product ambassadors and help accelerate growth for the Company both domestically and internationally.”
Specialist advisors for AKHL were Infinity Partners for Tax and Compliance and Pinsent Masons for legal.