Spec-Imaging team, pictured from left: Edouard Berrocal, William Chaze, Sandra Török and David Frantz.


FMG Circular Invest, which is backed by Feralco and their owner Mellby Gård, invests capital in absorption spectroscopy start-up Spec-Imaging. Earlier this year, Stena New Ventures joined as a strategic investor. The capital contribution to Spec-Imaging from the two investors amounts to SEK 6.5 million.

”It feels incredibly good to have two such strong and reputable investors on the owner list in this phase of our development. The fact that both investors also see clear strategic synergies with their existing holdings is another sign of approval for our technology and potential”, says Fredrik Rosenqvist, chairman of Spec-Imaging.

Spec-Imaging has developed a new, patented measurement method based on absorption spectroscopy that enables the measurement of various substances directly in cloudy liquids without dilution. Using light to analyze the contents of liquids is a well-established method in both research and development and in manufacturing industries. However, a major and time-consuming challenge has always been that the liquid needs to be nearly transparent for the light to be measured correctly. For cloudy liquids, this means time-consuming manual dilution processes before analysis is possible. With Spec-Imaging’s technology, dilution is no longer necessary, something that partly streamlines today’s methods and partly opens opportunities for in-line measurements in industries such as water treatment, food and beverage, and pharmaceuticals.

”The purpose of the new capital is to take our business from pilot tests to initial production, as well as to increase the pace of development for the various in-line applications identified in customer dialogues. We will also need to hire several people to keep up”, says William Chaze, CEO at Spec-Imaging.

The company is now close to launching its first production of an initial table-top product. Development work for in-line measurements is ongoing – at a high pace. Furthermore, the company continues to strengthen its patent portfolio. It currently contains of four applications at different stages, with more on the way.

Mikael Helmerson, Vice President at Mellby Gård, will join the company’s board. The investment in Spec-Imaging is made via FMG Circular Invest AB, an initiative from Mellby Gård and the wholly owned subsidiary Feralco.

”The purpose of FMG Circular Invest is to identify and support innovations that in one way or another can contribute to cleaner water in the world. We are convinced that our investment and our future collaboration with Spec-Imaging will help fulfil exactly this”, says Mikael Helmerson.

Feralco Group, founded in 2000, is a leading supplier of water treatment chemicals with production facilities and support services throughout Europe. Over 100 million people get their drinking water purified with the help of Feralco’s products and services. The company has a turnover of approx. SEK 1.6 billion annually.

Mellby Gård is a family-owned investment company, active in four verticals: industry, consumer goods, agriculture and services. The three cornerstones of our business model, the Mellby model, are a long-term view, active corporate governance and partnership. The goal of the business is to take companies from promising to leading.

Spec-Imaging was founded in 2020 by LU Holding and LTH researchers Edouard Berrocal, William Chaze, Elias Kristensson and Jeremias Püls, who all come from the department of combustion physics at Lund University. The research that forms the basis of the innovation has been going on for over 10 years.