The University of Strathclyde’s company Synaptec has received funding of £370,000 to enter the renewable energy and subsea markets.
The grant was provided by the university, the Equity Gap business syndicate, and the Scottish Investment Bank, the investment unit of Scottish Enterprise.
Synaptec's managing director and one of the founders Dr Philip Orr said: “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.
“Our technology and approach has the potential to deliver similar performance improvements for other markets including renewables and subsea systems.
“The investment from Equity Gap, the Scottish Investment Bank, and the university will help us to capitalise on these opportunities and we have already hired a new member of staff to broaden our capabilities.”
The company has developed high-performance fibre optic technology, which helps reduce downtime and operating costs of electrical power networks. This facilitates improved monitoring of temperature, strain, and dynamic vibration, as well as voltage and current.
The University of Strathclyde's Research and Knowledge Exchange Services commercialisation infrastructure manager Stuart Mackenzie said: “Synaptec’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.”
Established in 2014, Synaptec was founded by the University of Strathclyde’s Institute for Energy and Environment.