A University spin-out electronics company has secured new investment from the Strathclyde Inspire Investment Fund (SIIF).
Glasgow City Innovation District-based Synaptec, a sensor technology company providing monitoring and protection solutions for the power transmission, renewables, and industrial sectors, also has a new corporate investor, Proserv, which has secured a minority stake in the firm.
Strategic alliance
The two firms previously formed a strategic alliance in October 2020 for condition-monitoring technologies for the energy sector. Proserv’s Chief Executive Officer, Davis Larssen is also taking a seat on Synaptec’s Board of Directors.
The technology has won a landmark contract on the Dogger Bank Wind Farm, the world’s largest offshore wind farm, off the east coast of Yorkshire. It will also be demonstrated on Equinor’s floating Hywind Scotland Wind Farm, the world's first floating offshore windfarm, located off the coast of Aberdeenshire, later this year.
The investment round was also supported by Synaptec’s existing shareholders including Equity Gap, Foresight Group, and Scottish Enterprise, each of which participated in the £2.25M fundraising.
The SIIF bridges the early-stage funding gap by providing investments alongside third-party, lead investors in University-related enterprises. The Fund is available for investment in companies created by Strathclyde students, staff, alumni and strategic partners and investments are typically between £100,000-£400,000.
Proud tradition
Professor Sir Jim McDonald, Vice Chancellor and Principal, said: “Strathclyde has a proud tradition of investing in innovative companies, including through the Strathclyde Inspire Investment Fund and we look forward to continuing our support for Synaptec on their future growth, alongside Proserve, Scottish Enterprise and the other company investors.”
Synaptec’s Managing Director and Founder, Dr Philip Orr said: “We’re really energised by Proserv’s investment in Synaptec and the continued support of our existing shareholders, and I warmly welcome Davis to our Board.
“Proserv are experienced providers of offshore control and instrumentation systems and bring sector-specific engineering and commercial expertise that ensure we can address the rapidly growing demand for disruptive technology solutions in the offshore wind sector.”
Proserv’s Vice President, Renewables, Paul Cook, said: “We look forward to further collaboration as we seek to identify more opportunities where we can deploy our know-how right across the energy sector.”