Fotech the leader in distributed acoustic sensing, today 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 into 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, Senior Vice President of bp ventures and bp Launchpad 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.”
Fotech has appointed Smart Cities, IoT, and converging industries specialist Maria Shiao. A sales and business development executive and advisor across the telecoms and IoT sector, Shiao joins Fotech as Global Vice President of Sales. She brings 20 years’ experience developing new businesses and markets for leading telecoms and IT companies.
As part of our Meet The Team feature, we’ve been sharing with you interviews with the people behind Fotech and letting you know the inside track on the roles they perform in our organisation. This week sees us catch up with Jane to talk to her about her busy role in Service and Logistics.
As part of our Meet the Team feature, we'll be sharing with you interviews with the people behind Fotech and the diverse roles they perform in our organisation. It was great to be able to talk in-depth with Nathan about his role as Fotech's Talent Manager.
bp Launchpad's investment will enable Fotech to scale global deployment of technologies and increase commitments to world-class R&D.