Power grid management technology developer Synaptec spun out of University of Strathclyde in 2014 and has now won support from the corporate-backed Foresight Williams Technology EIS Fund.

Synaptec, a UK-based power grid management technology spinout of University of Strathclyde, has obtained £2.9m ($3.7m) in a round backed by the university, UKTN reported on Wednesday.
The round was led by a $2.6m investment from Foresight Williams Technology EIS Fund, a vehicle managed by private equity firm Foresight and backed by Williams Advanced Engineering, itself part of racing car and engineering company Williams Group.
Scottish government and EU-backed vehicle Foresight Scottish Growth Fund, also managed by Foresight, participated in the round along with Scottish Investment Bank – the investment arm of state-owned economic development agency Scottish Enterprise – and angel syndicate Equity Gap.
Founded in 2014, Synaptec develops and installs photonic sensors that help operators of electricity grids reduce downtime and operating costs on their networks, which are becoming increasingly complex as renewable power supplies become more prevalent.
Synaptec’s sensors tap the grid’s existing fibre optic cables to measure its current and voltage and, as such, operators do not have to install expensive auxiliary pieces of equipment.
The capital injection will allow Synaptec to build out its capacity in manufacturing, engineering and business development.
University of Strathclyde previously joined Scottish Investment Bank and Equity Gap for Synaptec’s $475,000 seed round in 2016.