Energy tech pioneer secures £2.1 million
An energy tech firm has secured £2.1m funding from a combination of sources to scale-up its production.
Synaptec supplies tech which aims to reduce electricity downtime and allows easier and cheaper monitoring of the electric power grid.
Foresight and Williams Advanced Engineering announced the investment as part of a £2.9 million growth round into the tech business.
The Foresight Williams Technology EIS Fund invested £2 million alongside £100,000 from the newly created Foresight Scottish Growth Fund.
Synaptec was founded in 2015 as a spinout from the University of Strathclyde and is led by Philip Orr, Managing Director.
The innovations developed by Synaptec are based on work Orr and his co-founders conducted at the University of Strathclyde’s Institute for Energy and Environment, one of Europe’s leading power engineering research groups.
The investment round led by Foresight will be used to scale-up manufacturing, engineering and business development capabilities.
“The backing of Foresight and Williams Advanced Engineering brings both financial acumen and world-renowned expertise in engineering design and manufacturing to Synaptec,” said Orr.
“The technical fit between Synaptec and Williams is excellent, and we will be drawing upon their know-how to scale up our manufacturing capacity and rapidly develop new product offerings.”
Stuart Mackenzie, Commercialisation Infrastructure Manager at the University of Strathclyde, said: “The University is delighted to participate in this latest milestone in Synaptec’s growth.
“Synaptec is a fantastic example of the contribution Strathclyde technologies can make to industry, and of the types of companies the University is looking to create and support through its role in the Glasgow City Innovation District, where Synaptec is based.”