CorrosionRADAR, a Cambridge business behind ‘smart’ corrosion monitoring solutions, has completed a £5 million round of investment.
The round was led by global energy corporates Aramco Ventures, Dow and Kanoo Ventures and backed by Mercia Ventures, investing via the Midlands Engine Investment Fund (MEIF).
The latest funding will enable the company to accelerate 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.
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.
Mercia and MEIF have supported CorrosionRADAR since 2017 when the company was founded as a spinout from the University of Cranfield. Its systems are now used by major energy companies worldwide.
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The company currently employs 22 staff and is on course to increase revenue by 400% in the current year. 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.
“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 CEO Dr Chiraz Ennaceur.
“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.”
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.”