Foresight Group LLP and Williams Advanced Engineering have closed a £2 million investment as part of a £2.9 million growth round into the disruptive technology business Synaptec Ltd.
The Foresight Williams Technology EIS Fund led the round alongside £100,000 from the newly created Foresight Scottish Growth Fund financed by the Scottish Growth Scheme through a combination of Scottish Government funds and the European Regional Development Fund (ERDF), and £800,000 from existing shareholders, including The Scottish Investment Bank, the investment arm of Scottish Enterprise, Equity Gap and the University of Strathclyde.
Electric power grids are becoming increasingly complex to manage due to a growing proportion of energy being provided by renewable sources. So new methods are required to measure and maintain a stable electricity supply for customers.
Synaptec addresses this problem by passively monitoring the grid using existing optical fibre networks.
It avoids expensive auxiliary equipment for communications, GPS or power at measurement locations and can operate over a range of 100km. Synaptec’s systems are safer to install, have a smaller footprint and lower environmental impact than alternative sensors.
The investment round led by Foresight will be used to scale-up manufacturing, engineering and business development capabilities.
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Commenting on the investment, Andrew Bloxam, Senior Investment Manager at Foresight said: “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.”
Philip Orr, Managing Director and Co-Founder, Synaptec, added: “The backing of Foresight and Williams Advanced Engineering brings both financial acumen and world-renowned expertise in engineering design and manufacturing to Synaptec. 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.”
Synaptec was founded in 2015 as a spinout from the University of Strathclyde.