[Funding alert] UK-based Synaptec Secures £6.5Million in Funding

Monday 12, 2024 | By Team SR

UK-based Synaptec secures £6.5million in funding to finance its quick growth, which includes building new production facilities in Scotland.

UK-based Synaptec secures £6.5million in funding to finance its quick growth, which includes building new production facilities in Scotland.

Founded in 2014, Synaptec was the pioneer in creating the Distributed Electrical Sensing (DES) fiber-optic instrumentation technology, which allows for the economical measurement of voltage and current across power networks.

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Many monitoring and protection devices used in the power grid, renewable energy, and industrial sectors are now supported by Synaptec's technology.

Renowned authorities on testing and measurement Together with current owners Proserv and Equity Gap, Megger Group was one of the round's major investors. In addition, significant shareholders Foresight, Scottish Enterprise, and the University of Strathclyde continue to support Synaptec.

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Over the past three years, significant worldwide clients in the onshore power grid and offshore wind industries have embraced Synaptec's DES technology. The technology has now been deployed to a variety of locations worldwide, offering clients an unparalleled degree of freedom in the placement of high-fidelity protection and monitoring devices.

Synaptec’s Chief Executive Officer and co-founder, Dr Philip Orr commented: “Synaptec is experiencing rapid growth in demand for our instrumentation products across both electrical utility and renewable generation sectors. This reflects a global trend towards live, high-quality data supporting excellent asset management decisions and network resilience. We are proud to be developing our business and manufacturing capabilities in Scotland and exporting great technologies that support the global energy transition.”

About Synaptec

Synaptec is a highly inventive business. They were established in 2014 with the goal of lowering electrical power networks' operational expenses and downtime by offering high-performance, reasonably priced instrumentation that can support monitoring, protection, and control tasks both now and in the future.

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