Synaptec raises £2.9m in Series A funding to expand manufacturing and engineering
The investment round was led by Foresight Group and Williams Advanced Engineering to support international growth and manufacturing scale-up.
Synaptec develops sensor technology that monitors electric power grids passively through existing optical fibre networks. The company provides scalable systems for wide area fault detection and analytics.
Synaptec has secured £2.9m in a Series A funding round led by Foresight Group and Williams Advanced Engineering through the Foresight Williams Technology EIS Fund. The round included £100k from the Foresight Scottish Growth Fund alongside £800k from existing backers including The Scottish Investment Bank, Equity Gap and the University of Strathclyde. The capital will be deployed to expand manufacturing, engineering and business development operations as the company responds to international demand for its electrical grid monitoring systems.
Investor perspective
"Synaptec offers a truly disruptive technology that addresses a global problem. The experienced management team has already achieved a considerable amount of success over the past three years of development and we are delighted to have the opportunity to support the business as it scales."
Andrew Bloxam
Senior Investment Manager, Foresight Group
Use of funds
- 01Grow the team
- 02Continue product development
Investors
Andrew Bloxam
Foresight Group
Matthew Burke
Williams Advanced Engineering
Foresight Scottish Growth Fund
The Scottish Investment Bank
Equity Gap
University of Strathclyde