Cash boost for grid health test
Synaptec plans to take photonic sensing system into renewables market
Scottish company Synaptec has won £370,000 of investment to take its photonic sensing systems for power networks into the renewable energy and subsea markets.
The company said it has received funding from the Equity Gap business angel syndicate, Scottish Investment Bank, Scottish Enterprise and the University of Strathclyde.
Synaptec develops systems that use existing optical fibre network to help grid operators determine the health and capacity of their systems.
This improved monitoring reduces the downtime and operating costs of the grid, according to the company.
The first round of investment will help the Strathclyde University spin out grow its team, ramp up operations and broaden the scope of the business.
A new engineer and sales manager will focus on the opportunities within markets including subsea development and renewable energy.
“We are delighted to support Philip and the team at Synaptec,” Equity Gap investment director Fraser Lusty said.
“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.”