Synaptec secures £2.9 million investment to grow unique electrical network control technology
28 May 2019
Synaptec has secured second-round funding led by Foresight and Williams Advanced Engineering through the Foresight Williams Technology EIS fund – a collaboration between Williams Advanced Engineering and Foresight Group.
The multi-million pound investment was secured after two years of consecutive growth and major utilities wins demonstrated how Synaptec’s unique distributed sensing technology can provide unprecedented visibility, enhance control functions and reduce cost for power utilities and renewable energy generators globally.
In addition to additional support from the original trio of investors – the Scottish Investment Bank, the University of Strathclyde and Equity Gap – Synaptec will also benefit from the combined expertise of new investors Williams Advanced Engineering and Foresight, who recognised the potential for the technology to play a major role in facilitating the global energy transition for electricity network operators and renewables developers alike.
The funding will be used to scale-up production, grow international sales and develop Synaptec’s growing data analytics capability, enabled by being able to place passive monitoring systems cost effectively in more remote and inaccessible locations than has been possible with existing technology.
Synaptec’s managing director Philip Orr, believes the investment reflects the drive of the Scottish Government to make Scotland, and Scottish businesses, a global player in the energy sector:
“The support of Foresight and Williams Advanced Engineering brings both financial acumen and world-renowned expertise in engineering design and manufacturing to Synaptec. The technical fit between Synaptec and Williams is excellent, and we will be drawing upon their know-how to scale up manufacturing operations and rapidly develop new product offerings. The commitment shown by all of our investors has been overwhelming and represents an exciting new phase of growth and development for Synaptec that will enable us to make a positive and lasting impact on the global energy transition.’’
Andrew Bloxam, Senior Investment Manager at Foresight added:
“Synaptec offers a truly disruptive technology that addresses a global problem. The experienced management team has already achieved a considerable amount of success over the past three years of development and we are delighted to have the opportunity to support the business as it scales.”