Saudis back Cambridge corrosion technology in $5m round
CorrosionRADAR Ltd has won investment from Saudi Aramco Energy Ventures (SAEV) in a $5 million funding round to drive its next phase of global growth.
The funding will enable CorrosionRADAR to strengthen its operations and widen efforts to address Corrosion Under Insulation (CUI) and other operational challenges through digitalisation. The company is based at the Future Business Centre in Cambridge and previously earned £1m concept funding at the end of 2019.
SAEV’s investment was part of a funding round that also included investment from the MEIF Proof of Concept & Early Stage Fund (managed by Mercia and part of the Midlands Engine Investment Fund), Mercia’s EIS funds and angel investors.
The cash backing follows successful on-site installations of CorrosionRADAR predictive corrosion monitoring systems at a primary Aramco production facility.
Dr Chiraz Ennaceur, CEO at CorrosionRADAR said: “We welcome this exciting collaboration with Saudi Aramco Energy Ventures as we step up the global response to CUI through the adoption of digital solutions.
“This investment demonstrates a surge of confidence from the sector in the use of real-time data systems that will accurately predict leakages and the onset of structural failure.
“With the worldwide cost of corrosion at $2.5 trillion, a co-ordinated effort cannot come soon enough. CorrosionRADAR is showing that a sustainable path to increased safety and dramatically reduced costs is achievable right now, using new technology and wireless connectivity.”
CorrosionRADAR says it is seeing growing demand for its smart solutions as oil and gas, petrochemical and chemical companies look to make their operations safer, cleaner and more energy efficient through improved maintenance and management of their assets.
Its data-driven predictive corrosion monitoring systems are transforming the approach to on-site inspection and maintenance programmes – yielding cost savings of between 40 and 60 per cent following installation and extending the lifetime of assets.
Mike Hill of Saudi Aramco Energy Ventures said: “CorrosionRADAR's solution will help operators around the world manage their capital spend better and increase the economic life of their existing assets, in a cheaper, safer and more efficient manner whilst reducing people movement. We are delighted to help CorrosionRADAR in its next stage of development.”
CorrosionRADAR systems combine patented Electro-Magnetic Guided Radar wireless sensing technology and Industrial Internet of Things (IIoT) applications to continuously monitor and safeguard complex structures and critical assets from the effects of corrosion.
With a series of sensors embedded under the asset insulation, the systems have exceptional range and will relay real-time data to localise CUI well in advance of damage or structural failure.
Pilot project outcomes have included increased pipeline uptime with an early detection of moisture, corrosion avoidance in production columns, and optimised downtime for inspection and repair in assets with complex geometries.
CorrosionRADAR’s disruptive solution means an end to intensive cycles of manual inspection and maintenance and in their place, optimised and predictive asset integrity management.