Today Intune Networks announces the spinout of FAZTech Research (FAZTech). FAZTech is a company focused on the development of a next generation of optical interrogation and sensor products and solutions based upon technology originally invented and developed by Intune Networks. Intune Networks developed a suite of optical interrogation products that have been proven in many market applications over the last 8 years to include: oil and gas; transportation; renewable energy; entertainment; and material analysis and monitoring. Intune Networks is licensing these products and the underlying intellectual property to FAZTech to develop this next generation of optical interrogation and sensor products and solutions. Intune Networks will also have a substantial equity investment in FAZTech and will be a member of the FAZTech board of directors.
Ian Jenks, Chief Executive Officer of Intune said, "Intune have developed some ground-breaking technology that can be applied to optical sensing products. The spin-off of FAZTech enables them to give this important application the focus it deserves, as well as enabling Intune to continue to deliver a new class of products for the telecoms networking market."
It is also announced that Fugro, who have been deeply engaged with Intune Networks for the past two years on a joint development project, is a strategic partner, investor and first adopter of the new products and solutions of FAZTech. Fugro is a Dutch company that is a global leader in earth sciences services with operations around the world. Fugro will also be a member of the FAZTech board of directors.
Paul van Riel, Vice-Chairman of the Board of Management and Director of the Geoscience Division said, “Fugro have been working with Intune Networks for two years conducting extensive testing and verification of the Intune developed technology. Fugro has concluded that this technology is world leading and will be the basis for a next generation of measurement and sensing systems for many oil and gas and geo-monitoring applications. Fugro is excited to be a strategic partner and investor with Intune Networks in the spinout of FAZTech.”
Tim Fritzley, the new CEO of FAZTech said, “Over the next 10 years optical technology is expected to replace the millions of electronic and mechanical measurement and sensing systems that are deployed around the world in every market today. Being able to spinout a focused company based upon Intune’s proven technology, with a world class strategic partner such as Fugro, is a unique and exciting opportunity.”
FAZTech will be headquartered in Dublin and will initially employ 20 people with plans to grow to over 50 people over the next 18 months.