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Launchpad. the business development branch of BP. has bought the majority stake in fiber optic innovation company Fotech.
Fotech was founded in 2008 and develops fibre optics products for transportation. smart cities. energy and the security sector. Its headquarters are in Fleet. UK.
It uses artificial intelligence and edge computing in its products. covering areas such as surveillance. transport management. cable monitoring and rail management.
Some of these relate directly to BP’s offshore business. including pipeline security software LivePipe and Helios Quasar. for monitoring oil and gas wells.
BP chief commercial officer of technology Steve Cook 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.“
Fotech chief executive Chris Shannon said: “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.“
