Energy monitoring start-up Synaptec secures £370,000
University of Strathclyde spin-out set to grow team, ramp up operations and broaden its offering having secured SSE and Scottish Power as clients
Synaptec, a University of Strathclyde spin-out start-up developing energy monitoring technology, has received £370,000 funding from Equity Gap, the Scottish Investment Bank and the University of Strathclyde.
Founded in 2014, Synaptec develops fibre optic technology systems to help electricity network operators monitor their voltage and current, temperature, strain and dynamic vibration.
The company has already secured SSE and Scottish Power as clients and intends to use the funding to expand its team, ramp up operations and explore new opportunities in sub-sea development and renewable energy.
Dr Philip Orr, co-founder of Synaptec, commented: “Monitoring, protection and control of power networks is becoming more important than ever thanks to increased global electricity demand and the simultaneous move to greater penetration of distributed renewable energy sources.
“By improving network management through enhanced awareness, we provide multiple benefits to network operators and society including cost reductions, enhanced security of energy supply, and reduced emissions.”
Fraser Lusty of Equity Gap, added:
“We are delighted to support Orr and the team at Synaptec. Their proprietary technology impressed greatly and will allow them to scale in two key sectors where they can facilitate operational efficiencies, as well as reduce costs, for global corporate customers.”