Energy technology company Synaptec, a spinout from the University of Strathclyde, has secured a £2.1 million investment that will support its proposed expansion.
Foresight Williams Technology EIS Fund has invested £2 million in the company and Synaptec has also received an additional £100,000 from the recently formed Foresight Scottish Growth Fund.
This funding will be crucial in order to increase Synaptec’s production, expand international sales and capitalise on future data analytics opportunities.
Synaptec’s innovations are a direct result of its managing director, Philip Orr, and his co-founders at one of Europe’s high-profile power engineering research groups, Strathclyde’s Institute for Energy and Environment. The company was founded in 2015 as a Strathclyde spinout.
Dr Orr stated that the investment from Foresight will bring “financial acumen” and “world-renowned expertise in engineering design and manufacturing” to the company.
“This investment represents an exciting new phase of growth and development for Synaptec and will enable us to make a positive and lasting impact on the global energy transition.”
The announcement of the funding follows Dr Orr being awarded the Alumni Entrepreneur of the Year at Strathclyde’s Company Creation Conference Awards.
Commercialisation infrastructure manager with Strathclyde’s Research & Knowledge Exchange Services, Stuart Mackenzie, said: “The University is delighted to participate in this latest milestone in Synaptec’s growth.”
He also added that: “Synaptec is a fantastic example of the contribution Strathclyde technologies can make to industry through its role in the Glasgow City Innovation District, where Synaptec is based.”
Matthew Burke, head of Technology Ventures, Williams Advanced Engineering, said: “With Synaptec combining innovation, technology and reduced environmental impact, it is a company that very much aligns with the objectives of Williams Advanced Engineering. We look forward to working with Synaptec to help commercialise their technology to enhance energy network performance and resilience.”
Director of the Scottish Investment Bank, Kerry Sharp, described Synaptec as an “innovative” company which “brings solutions to challenges within the power industry”. She also added that the funding represents the “strength of belief in the technology and the team.
“Scottish Investment Bank is delighted to provide funding alongside co-investment partner Equity Gap and new investor Foresight Group and also to bring the wider support mechanisms from Scottish Enterprise to support the Company’s next stage of growth.”
As a result of the increasing proportion of energy being provided by renewable sources, managing electric power grids has become more challenging. Synaptec provides an innovative solution to this problem by passively monitoring the grid using existing optical fibre networks in order to measure and maintain a secure electricity supply for customers.
Synaptec supplies the first secure and scalable system for wide area fault detection, monitoring and analytics of electric power grids that is cost-effective at scale.
Synaptec’s systems steer clear of costly auxiliary equipment for communications, GPS or power at measurement locations and can operate effectively over a range of 100km. Synaptec’s innovations also have a smaller footprint, a minimal impact on the environment and are safer to install when compared to other sensors on the market.
Its systems have been in high demand from global customers and the investment from Foresight will be influential in expanding manufacturing, engineering and business development capabilities.