Funding boost for Inductosense ultrasonic sensor
Ultrasonic sensor developer Inductosense has raised over £6m for its wireless ultrasonic sensor technology.
The battery-free WAND (Wireless and Non-Destructive) sensor, developed at the University of Bristol, is used for monitoring corrosion, cracks and defects in industrial structures. The wireless sensors are permanently attached to metal structures to provide simple and accurate wall thickness monitoring.
The WAND technology has already been deployed internationally in a range of industries including oil and gas, chemical, nuclear and mining. This latest round of investment comes from Aramco Ventures, a significant investor in technology companies that are developing solutions to address some of the challenges facing the energy industry.
Aramco trialled the WAND system across six plants in its network and subsequently approved the technology in 2022. The latest investment brings the total amount raised by Inductosense to more than £8m, up from £1.6m in 2019.
Inductosense’s technology was developed over several years by Dr Chenghuan Zhong, Dr Anthony Croxford and Professor Paul Wilcox from the Ultrasonics and Non-Destructive Testing Group at Bristol’s School of Civil, Aerospace and Mechanical Engineering.
“Inductosense has seen rapid growth with our customers transitioning from trials to deployments of sensors in volumes,” said Inductosense CEO Dr. Matt Butcher.
“It is great to have Aramco Ventures on board and this investment will be used to further support the roll-out of our technology with clients, including Aramco. We will also use the funds to take advantage of a range of opportunities to integrate our technology into products during their manufacture as well as progressing towards a recurring revenue based model.”