CorrosionRADAR Secures £5 Million Funding for Innovation
A notable advance in technology and investment has recently emerged with the announcement that CorrosionRADAR, a distinguished firm based in Cambridge, UK, has successfully concluded a £5 million funding round. This investment was spearheaded by prominent players in the global energy sector, specifically Aramco Ventures, Dow, and Kanoo Ventures, with additional backing from Mercia Ventures through the Midlands Engine Investment Fund (MEIF). The infusion of capital will empower CorrosionRADAR to expedite the rollout of its innovative smart corrosion monitoring systems across the globe and further the development of new products aimed at enhancing safety and operational efficiency in various industries, including oil, gas, petrochemicals, and the burgeoning hydrogen sector.
CorrosionRADAR’s exceptional technology focuses on addressing a critical issue faced by energy companies: corrosion under insulation (CUI).
This challenge is estimated to cost the oil and gas industry a staggering $10 billion annually. By utilizing advanced sensors positioned on the surface of assets, CorrosionRADAR provides real-time insights into the presence of corrosion and moisture. Coupled with predictive analytics, these monitoring systems enable businesses to identify and forecast risks proactively, improve safety standards, and significantly decrease maintenance expenditures. Since its inception in 2017 as a spin-out from the University of Cranfield, CorrosionRADAR has garnered substantial attention and is currently utilized by major energy firms worldwide.
With a workforce of just 22 employees, CorrosionRADAR is on track to boost its revenue by a remarkable 400% this year alone. The recent funding brings the total amount raised to £11.7 million and is anticipated to generate an additional 10 job opportunities in Cambridge. Dr. Chiraz Ennaceur, the Chief Executive Officer of CorrosionRADAR, expressed enthusiasm about the company's rapid growth and the pivotal role of its innovative CUI monitoring solutions in extending the lifespan of critical infrastructure. Stephen Windsor from Mercia Ventures echoed this sentiment, illustrating how CorrosionRADAR is revolutionizing the inspection and maintenance processes for energy companies through digital advancements. The ongoing support from organizations such as the Midlands Engine Investment Fund underlines the confidence in CorrosionRADAR's potential to lead the way in industrial innovation.
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