CorrosionRADAR (Cambridge, England), a leading provider of predictive corrosion under insulation (CUI) monitoring solutions, recently 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 (£11.7 million).
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, as well as the expanding hydrogen sector.
Dr. Chiraz Ennaceur, chief executive officer at CorrosionRADAR, says 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,” says Ennaceur. “We’re delighted to have companies such as Aramco Ventures, Dow, Kanoo Ventures, and Mercia Ventures on board. The 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.”
Both Dow and Aramco have been working with CorrosionRADAR’s technology for several years, alongside YBA Kanoo and Mercia.
“At Dow, we’re committed to investing in innovative products and technologies that meet the evolving demands of our customers,” says Karl Donner, Dow’s senior investment director. “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.”
“At Aramco Ventures, we champion smart, productive practices in oil and gas asset management through ground-breaking technology across facilities and new projects to maximize equipment uptime and value realization,” says Mahdi Aladel, CEO for Aramco Ventures. “By continuing our collaboration and our investment in CorrosionRADAR’s CUI solution, we aim to make this technology a global standard for CUI detection.”
Source: CorrosionRADAR, www.corrosionradar.com.