$5m for corrosion radar startup
A UK startup using radar to assess corrosion under insulation has raised $5m (€4m).
The series A funding round for the predictive corrosion monitoring technology from CorrosionRADAR in Cambridge was led by Saudi Aramco Energy Ventures (SAEV), the funding arm of the oil giant. This follows on-site installations of the systems at a primary Aramco production facility.
The systems combine patented Electro-Magnetic Guided Radar (EMGR) wireless sensing technology and Industrial Internet of Things (IIoT) applications to continuously monitor and safeguard complex pipes and structures from corrosion.
A series of long, thin radar sensors embedded on pipes and relay real-time data to identify corrosion under insulation well in advance of damage or structural failure. Coded electromagnetic signals are transmitted by the CorrosionRADAR sensor system and this data is collected wirelessly through one of a variety of methods, chosen by the client such as WIFI, cellular or LoRa LPWAN.
Pilot project outcomes have included increased pipeline uptime with an early detection of moisture, corrosion mitigation in production columns and scheduled maintenance inspection and repair in pipes and systems with complex geometries. This reduces the cycles of manual inspection and maintenance and in provides predictive asset integrity management.
The funding will be used for global expansion of the technology, says Dr Chiraz Ennaceur, CEO at CorrosionRADAR.
“This investment demonstrates a surge of confidence from the sector in the use of real-time data systems that will accurately predict leakages and the onset of structural failure,” said Ennaceur. “With the worldwide cost of corrosion at $2.5tn, a co-ordinated effort cannot come soon enough. CorrosionRADAR is showing that a sustainable path to increased safety and dramatically reduced costs is achievable right now, using new technology and wireless connectivity.”
“CorrosionRADAR’s solution will help operators around the world manage their capital spend better and increase the economic life of their existing assets, in a cheaper, safer and more efficient manner whilst reducing people movement,” said Mike Hill of Saudi Aramco Energy Ventures.
Other investors include the MEIF Proof of Concept & Early Stage Fund (managed by Mercia and part of the EU-backed Midlands Engine Investment Fund), Mercia’s EIS funds and angel investors. “Further to the funding round that Mercia led in the Summer of 2020, I am delighted to announce that we have invested additional capital in CorrosionRADAR alongside Saudi Aramco Energy Ventures. CorrosionRADAR has continued to develop from strength to strength and the company’s ability to raise a sizeable scale-up round during these testing times is a huge testament to the hard work of Chiraz Ennaceur (CEO), Prafull Sharma (CTO), Mehrdad Silatani (COO) and the wider CorrosionRADAR team,” said Stephen Windsor, Investment Manager at Mercia.
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme and the European Investment Bank.
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