Syrinix Goes Global with £2m Funding Round

Posted: Friday 26th April 2013

Syrinix, the pipeline monitoring technology specialist, has secured £2.1m of fresh investment to accelerate its growth nationally and internationally.

Based at the world-class Hethel Engineering Centre near Norwich, Syrinix develops and provides automated pipeline monitoring technologies for water utilities.

Syrinix’s TrunkMinder technology is already being used across London by Thames Water and in connection with the Crossrail tunnelling project. TrunkMinder provides 24/7 monitoring of trunk water mains and notifies utility clients of small leaks appearing in those mains before major bursts occur. Syrinix also has a number of other products under development.

Dr Paul Linford, the founder of Syrinix and its Chief Technical Officer, has led the development of the company’s “TrunkMinder” technology which is now being commercially deployed across London. With related products under development, Syrinix is now ready to accelerate its business development in the UK and beyond.

The £2.1m 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.

James Dunning , the CEO of Syrinix, commented:
“Syrinix is already performing very well in the UK with the outlook for innovation in the water sector very positive. 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. ”

Richard Harvey , of LCIF commented:
“The Low Carbon Innovation Fund (LCIF) supports business with potential to substantially improve the environment in which we live. Syrinix has world-beating technology that can dramatically reduce water leakage. Were their systems adopted round the world then catastrophic water leaks would be a thing of the past. We wish them every success in their endeavours.”

Anthony Clarke , the CEO of London Business Angels, commented:
“This significant new funding means Syrinix is now well-placed to exploit the various commercial applications of its innovative range of cleantech solutions. I am particularly pleased that notwithstanding investment from individual LBA angels, LBA was also able to effect an introduction to a highly credible lead angel who will add substantial value to the company post-investment as a Board member and this key sector specific lead angel has allowed the company to engage with other sources of equity funding including our LBA EIS Roundtable Syndicate Fund 2012 and the £50m Angel Cofund. My congratulations to James and his team for raising circa £500k through LBA introductions.”

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