UK-based pipeline monitoring company Syrinix has secured £2.1 million of investment which it will use to help develop the company internationally.
The £2.1 million new funding has been raised from the part EU funded Low Carbon Innovation Fund, the Angel CoFund, the LBA EIS Roundtable Syndicate Fund 2012 as well as a number of other individual “angel” investors.
The company provides monitoring technologies for water utilities and its TrunkMinder technology is being used by major utility Thames Water in connection to the Crossrail tunneling project.
Leakage detection is becoming a big business globally, with utilities globally losing on average 30% of their water supply through leakages and non-revenue water. Estimates suggest this lost costs utilities $14 billion per year.
In Asia alone, 29 billion cubic meters of water is lost each year, according to the Asian Development Bank.
James Dunning , the CEO of Syrinix, said: “With this funding round complete, a platform is in place to accelerate that growth both nationally and internationally as well as to expand our already excellent R&D team led by Dr Paul Linford.”
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