CorrosionRADAR (Cambridge, United Kingdom) has secured a £1 million ($1.3 million) investment to develop technology that detects corrosion and prevents leaks in pipelines and other infrastructure assets.
Funding for the project was secured from a fund managed by Mercia Asset Management (Henley-in-Arden, United Kingdom) and part of the Midlands Engine Investment Fund (MEIF). The MEIF Proof of Concept & Early Stage Fund receives additional contributions from private and government investors.
An offshoot of Cranfield University (Cranfield, United Kingdom), CorrosionRADAR was formed in 2017 by PhD students Prafull Sharma and Mehrdad Silatani, Prof. Hoi Yeung, and industrialist Chiraz Ennaceur. Sharma and Yeung developed the corrosion detection technology, which uses a network of sensors to monitor pipeline conditions and predict potential faults.
The corrosion management company plans on using its newly acquired funds to develop new hardware for the oil and gas and petrochemical industries, as well as to enhance its predictive analytics and software. “Corrosion is the biggest failure mechanism in the world, with a huge cost to industry,” says Ennaceur, who serves as chief executive for CorrosionRADAR. “Our vision is to transform corrosion management through smart digital solutions and help pipeline owners and operators to have a safe, reliable and environmentally friendly operation.”
“CorrosionRADAR’s technology solves a major challenge for the oil, gas and chemicals industries and offers a more cost-effective way to manage and maintain infrastructure,” says Bill Yost, investment manager for Mercia. “This investment will allow the company to further develop its system and reach out to the global marketplace.”
Source: CorrosionRADAR, www.corrosionradar.com.