Firm targets water sector with leak detecting technology
A company which has developed a pioneering system to prevent major leaks in water mains has secured new funding to help roll out its products.
Syrinix, based at the Hethel Engineering Centre, near Norwich, was formed as a spin-off from research at the University of East Anglia in 2004.
It's main product, TrunkMinder, monitors water trunk mains with a diameter of 12 inches or greater, alerting utilities firms to small leaks as they appear and enabling them to take action to avoid major bursts, which can cause millions of pounds worth of damage.
Following six years of development and trials, the company is now seeking to commercialise its products, and is currently in talks with a number of potential customers.
The company has also secured �575,000 in funding from its backers Iceni Seedcorn Fund and Carbon Connections, as well as investment group London Business Angels and angel investors from the London Business School Enterprise 100 group.
The investment was secured with help from London-based business investment agency Beer & Partners.
Newly appointed chief executive James Dunning said the new funding put the company on a strong footing to secure new customers in the UK and roll its products out overseas, following interest from Europe and the US.
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He said: 'This new investment transforms Syrinix into a company able to make its mark on the UK market and beyond.
'The support we have had from our founding investors, UEA, Carbon Connections and the Iceni Seedcorn Fund, has been superb.
'With that, and the calibre of new investors now also supporting us, we can look ahead to realising the company's exciting potential in supporting the
management of water as an increasingly precious resource.'
He added: 'We are continuing with research and development while pushing the products out in the UK to get a firm foundation for the business, and will then start to push it out further afield.
'We are getting interest from all over, particularly Europe and the US, particularly older cities with older infrastructure.
'We are ready to roll, and our priority now is securing orders.'