BP’s business-builder unit buys fibre optics developer

BP’s business-builder unit buys fibre optics developer: Launchpad, the business development unit of BP, has bought a technology company that focuses on developing and deploying fibre optic sensing.

Fotech’s technology combines photonics, advanced artificial intelligence (AI) and edge computing to deliver advanced digital monitoring and asset management solutions, targeting the smart city, transportation, energy and security sectors.

It was founded in 2018 with investment from EV Private Equity (EVPE) and Scottish Equity Partners – BP Ventures initially invested in Fotech in 2013.

Fotech says the acquisition will enable it to deploy its technologies at scale into high-growth sectors and accelerate investment in its research and development.

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.”

Chris Shannon, Chief Executive of Fotech added: “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.”

The post BP’s business-builder unit buys fibre optics developer appeared first on Energy Live News.

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