Fotech acquired by Launchpad
Published by Lydia Woellwarth,
Fotech, a leading company in distributed acoustic sensing, has announced that it has been acquired by Launchpad, BP’s business-builder.
Fotech is an innovative technology company focused on developing and deploying advanced fibre optic sensing targeting the smart city, transportation, energy and security sectors. It combines cutting-edge photonics, advanced AI and edge computing to deliver advanced digital monitoring and asset management solutions.
Fotech systems are already monitoring thousands of kilometres of assets, accumulating millions of operational hours in 27 countries. The deal will enable the company to scale global deployment of its technologies in to high-growth sectors and accelerate investment in its world-class R&D.
The company was founded in 2008 with an investment from EV Private Equity (EVPE) and Scottish Equity Partners. BP Ventures first invested in the business in 2013.
Chris Shannon, Chief Executive of Fotech, commented: “We are excited to have a new investor at this pivotal point in Fotech’s growth story. Fibre optic sensing solutions have proven themselves invaluable in protecting pipelines, perimeters and borders around the world. Fotech has established itself as a leader in its field and we look forward to accelerating our technology offer.”
Steve Cook, BP’s Chief Commercial Officer of Technology, said: “Fotech’s technology has great potential in the security and smart cities sectors and will make a significant contribution in our efforts to advance the energy transition.”
Matt Anstead, Senior Partner at EVPE, added: “We are honoured to have had the opportunity to support Fotech’s talented team and are proud of having helped to create an industry leading company. We look forward to Fotech’s continued commercial success in rolling out distributed acoustic sensing to numerous global markets.”
Read the article online at: https://www.worldpipelines.com/business-news/13022020/fotech-acquired-by-launchpad/
You might also like
STATS target Scandinavian asset integrity sector
STATS Group targets growth in Scandinavian energy sector with new distributor arrangement.