CorrosionRADAR, a UK-based startup providing ‘smart’ corrosion monitoring solutions, has raised £5 million in funding. The round was led by global energy corporates Aramco Ventures (which invested in Dendra Systems and NexWafe, Dow, and Kanoo Ventures and backed by Mercia Ventures, investing via the Midlands Engine Investment Fund (MEIF).
The latest funding brings the total amount it has raised to date to £11.7m and is expected to create a further 10 jobs in Cambridge.
How will it use the investment?
The latest funding will enable the Cambridge-based company to accelerate the deployment of its monitoring systems worldwide and continue developing new products to improve safety and operations within the oil, gas, and petrochemical industries as well as the expanding hydrogen sector.
Stephen Windsor of Mercia Ventures added: “CorrosionRADAR is transforming the way that energy companies manage inspections and maintenance through the use of digital technology. Having supported the business from the start to help develop its technology, we are pleased to see it being deployed worldwide. The company’s success in attracting investment from major industry players is a real vote of confidence in its solutions.”
What does CorrosionRADAR do?
Corrosion has a big impact in many sectors and it’s estimated that it costs about 3% of the world’s GDP every year. Manufacturing industries such as power, chemicals and oil & gas spend hundreds of billions of dollars every year to control and mitigate this issue.
Founded by Chiraz Ennaceur and Mehrdad Silatani, CorrosionRADAR aims to address this issue through sensing and predictive analytics and is on the path to make a global impact on pipeline corrosion through its technology.
CorrosionRADAR’s predictive monitoring solutions help energy companies to address a major challenge – corrosion under insulation (CUI) in pipelines, tanks and other vessels is estimated to cost $10 billion a year in the oil and gas industry alone. Its systems use sensors installed on the surface of the asset to provide real-time data on the presence of corrosion or moisture. Together with the use of predictive analytics, they enable businesses to detect and predict risk, improve safety and significantly reduce maintenance costs.
The company currently employs 22 staff and is on course to increase revenue by 400% in the current year.
Dr Chiraz Ennaceur, Chief Executive Officer at CorrosionRADAR, said: “CorrosionRADAR is in a period of rapid growth, and we are leading the way with our predictive CUI monitoring solutions that safeguard critical assets and ensure the longevity of critical infrastructure. We’re delighted to have companies such as Aramco Ventures, Dow, Kanoo Ventures, and Mercia Ventures on board. This investment will allow us to continue with our ambition to increase our global footprint and develop state-of-the-art solutions that improve industrial processes through the early detection of CUI, promoting more efficient operations.”
What do we think about CorrosionRADAR?
The UK startup is set to transform industrial maintenance with its advanced predictive monitoring solutions for corrosion under insulation. By leveraging real-time data and predictive analytics, the company significantly enhances safety and reduces maintenance costs in the oil, gas, and petrochemical industries.
With a rapidly growing global footprint and innovative technology, CorrosionRADAR is well-positioned to become a key player in safeguarding critical infrastructure and improving industrial operations worldwide.