Strathclyde University spin-out eyes future after funding boost

A university spin out company is set to break into the renewable and sub sea markets after securing funding from one of Scotland's leading investor syndicates.

Dr Philip Orr of Synaptec
Dr Philip Orr of Synaptec

Synaptec, which has developed a new breed of fibre optic technology to reduce operating costs of power networks - has received a £370,000 investment from the Equity Gap business angel syndicate, Scottish Investment Bank and the University of Strathclyde.

The firm already works with clients such as SSE and Scottish Power with the funding due to help growth, expand operations and broaden the scope of the business.

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Dr Philip Orr, managing director and one of the founders of Synaptec, said a new member of staff had already been hired thanks to the investment.

Founded in 2014, Synaptec develops unique photonic sensing systems that use existing optical fibre network to monitor the health and capacity of power systems.

Dr Orr said: “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.