Fotech the leader in distributed acoustic sensing, announced that it has been acquired by Launchpad, BP’s business-builder. Fotech is an innovative technology company focused on developing and deploying advanced fiber 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 kilometers of assets, accumulating millions of operational hours in 27 countries. The deal will enable the company to scale global deployment of its technologies in to high-growth sectors and accelerate investment in its world-class R&D.
Chris Shannon, Chief Executive of Fotech, commented: “We are excited to have a new investor at this pivotal point in Fotech’s growth story. Fiber 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.”
“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,” says BP chief commercial officer of technology Steve Cook.
Fotech acquired by Launchpad - BP’s business-builder
Fotech Blob February 10, 2020