Belgium-based investment firm Finindus, backed by top-tier steel manufacturer ArcelorMittal and the Flemish Region, completes the latest investment round for CorrosionRADAR, the leading provider of advanced Corrosion Under Insulation (CUI) monitoring solutions. The latest round of funding brings the total amount invested in CorrosionRADAR to $14.8 million.
Finindus is the latest in a series of investors to back CorrosionRADAR and its leading CUI solution. The new funding follows investment from Aramco Ventures, Dow, Kanoo Ventures and Mercia Ventures, which all have long-standing partnerships with CorrosionRADAR.
The investment will allow CorrosionRADAR to enhance its predictive CUI monitoring system and further advance the business’ rapid growth trajectory across the world.
Dr. Chiraz Ennaceur, CEO at CorrosionRADAR, said: “We welcome the investment from Finindus which will allow us to continue to advance our ambitious growth plans and promote more efficient operations across the oil, gas, and petrochemical industries.”
“Digitalisation is at the top of the agenda for industrial asset owners and our data-driven CUI monitoring solution, which has the ability to remotely predict CUI problems before they turn into major concerns, is revolutionising the inspection and maintenance processes of critical infrastructure.”
Finindus provides early-stage and growth financing to innovative technology companies that are active in the field of materials, sustainable manufacturing, and Industry 4.0 solutions. The firm strives to help smart and green industrial innovators succeed and as such CorrosionRADAR’s data-driven CUI monitoring solution aligns well with its investment strategy.
Hans Maenhout, Investment Director at Finindus, said: “We have been watching this rapidly growing technology space for a while, closely following CorrosionRADAR’s development since its inception. We are impressed with the progress the team has made with globally rolling out their pioneering and innovative solution.”
“We are happy to be able to support, together with our corrosion experts at the OCAS research centre, the efforts to detect, locate and monitor corrosion under insulation, a widespread operational and safety challenge within the process industry. Technologies like those from CorrosionRADAR are enablers of risk-based inspection and asset condition monitoring programs. A perfect fit in Finindus’ Industry 4.0 and materials (steel) oriented investment portfolio.”
CorrosionRADAR offers an end-to-end corrosion monitoring solution for CUI detection, monitoring, and prediction. Its latest product, CorrosionRADAR: LR, combines the longest-length sensors in the market (capable of covering 50m), with a host of new features and enhancements.
CorrosionRADAR: LR saves time and money while safeguarding assets, enhancing safety, and ensuring the longevity of critical infrastructure.
About CorrosionRADAR
CorrosionRADAR is a leading provider of smart corrosion monitoring and analytics solutions for critical industrial asset integrity issues such as corrosion under insulation (CUI). Enabling Digitalisation and Industry 4.0 with its innovations in sensing and predictive analytics, CorrosionRADAR’s solutions monitor and predict risk remotely, allowing businesses to make data driven decisions in their industrial assets. For new energy infrastructure such as Hydrogen and CCUS, as well as conventional oil & gas, businesses can improve safety, and achieve significant savings in their maintenance costs. CorrosionRADAR is based in Cambridge, UK and counts Saudi Aramco Ventures, Dow Chemical, Kanoo Energy and Mercia among its shareholders.
About Finindus
Finindus is a Belgium-based investment company funded by ArcelorMittal and the Flemish Region and is linked to OCAS, a world class metal research centre. Finindus provides early stage and growth financing to innovative technology companies active in the field of materials, sustainable manufacturing, and industry 4.0. Finindus invests across Europe, with Flanders as a home base and sweet spot, and across the globe for investment opportunities in smart and green technologies at the centre of its core domains and in line with the strategic interests and areas of expertise of its shareholders.
Reference: https://www.corrosionradar.com/
