Expansion planned for tech firm
Fibre optics spin-out secures angel backing
A spin out company from the University of Strathclyde has secured funding from an angel syndicate to help it break into the renewable energy and subsea markets.
Fibre optic company Synaptec has received £370,000 from Equity Gap, the Scottish Investment Bank, the investment arm of Scottish Enterprise, and the University of Strathclyde.
Synaptec already works with clients such as SSE and Scottish Power and this funding will help to 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. This is Synaptec’s first round of investment.
Dr Philip Orr, managing director and one of the founders of Synaptec in 2014, said: “The investment will help us to capitalise on opportunities and we have already hired a new member of staff to broaden our capabilities.”
Fraser Lusty of Equity Gap, said: “We are delighted to support Philip and the team at Synaptec. 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.”
Stuart Mackenzie, commercialisation infrastructure manager at the University of Strathclyde’s research & knowledge exchange services, said: ““ynaptec’s team and their business proposal are highly impressive. We look forward to collaborating with the company to maximise the benefits it will bring to power network operators.”
As well as working with commercial clients, Synaptec is involved in a number of research projects with institutions including the European Marine Energy Centre on Orkney.