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