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Synoptic Technologies awarded Innovate UK Smart Grant

Surrey SETsquared member, Synoptic Technologies, has been awarded an Innovate UK Smart grant which will be used to enhance the development and adoption of their platform, Synoptica and to accelerate the adoption of innovation through ‘deep learning’.

Synoptic Technologies was formed in 2015 via the merger of iVeridis and Technotomy (a former Surrey Incubation Virtual member) to use big data from the web, as well as client demand, to connect buyers and sellers of innovative technology.

Synoptic Technologies identified that organisations suffer from a lack of quality information when it comes to identifying the most appropriate clients or suppliers. The lead generation and sourcing processes remains a laborious, manual, task that stymies innovation; often companies fail to act or act impulsively. This problem is magnified by the rapid advancement of global innovation, which cannot be readily defined by potential buyers.

Synoptica utilises ‘deep learning’ to continuously and automatically harvest the web for invaluable information that is tailored and extracted to create rich company profiles, which is used as a predictive measure of a company’s suitability against specified criteria. Due to the challenges of extracting information from the web, firms currently rely on structured data sources, which are often out of date, expensive, and limited in their value to guide demand and supply decisions.

The Innovate UK award recognises the Synoptica platform as an effective and significantly less expensive web based lead generation and innovation brokerage process, when compared to other methodologies.

Dr Bogdan Vrusias, CTO of Synoptic Technologies said: “We are delighted that Innovate UK has recognised the value of our proof of concept, and have further approved funding to accelerate our platform. Synoptica has the immediate capability to bring business value from the unstructured data of the web and help drive the adoption of innovation.”

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