CorrosionRADAR, the leading provider of predictive Corrosion Under Insulation (CUI) monitoring solutions, has announced its latest round of funding. Aramco Ventures, Dow, Kanoo Ventures and Mercia Ventures are investing in CorrosionRADAR bringing the total value raised to date to $14 million (£11.7M).
The investments are expected to provide a further boost to CorrosionRADAR’s ambitious growth plans and allow the company to accelerate the large-scale deployment of its CUI monitoring systems worldwide. They will also enable the continued development of new product lines to improve safety and operations within the oil, gas, and petrochemical industries, and the expanding hydrogen sector.
Speaking today, Dr. Chiraz Ennaceur, Chief Executive Officer at CorrosionRADAR, said the latest investment represented a further vote of confidence in the company’s product offering and expansion plans:
“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, said Dr. Chiraz Ennaceur, Chief Executive Officer at CorrosionRADAR
“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.”
UK-based CorrosionRADAR is a pioneer of predictive CUI monitoring systems that are now being used by multiple major companies globally, including Dow, a global leader in materials science, and Aramco, one of the world’s leading integrated energy and chemicals companies. Both businesses have been working with CorrosionRADAR’s technology for several years, alongside YBA Kanoo and Mercia.
Mercia Ventures, one of the UK’s most active venture capital investors, is investing through the Midlands Engine Investment Fund (MEIF). The MEIF 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 2014-2020 and the European Investment Bank.
Karl Donner, Dow’s Senior Investment Director - Venture Capital, said: “At Dow, we’re committed to investing in innovative products and technologies that meet the evolving demands of our customers.”
“CorrosionRADAR’s industry-leading CUI monitoring solution has the potential to greatly improve operations in areas such as safety and reliability through the ways in which critical assets can be observed and managed.”
Mahdi Aladel, CEO, Aramco Ventures continues, “At Aramco Ventures, we champion smart, productive practices in oil and gas asset management through ground-breaking technology across facilities and new projects to maximise equipment uptime and value realisation. By continuing our collaboration and our investment in CorrosionRADAR’s CUI solution, we aim to make this technology a global standard for CUI detection.”
https://www.corrosionradar.com/
