UK-based corrosion management company CorrosionRADAR has secured an investment worth £1 million (€1.16 million) to develop its technology and expand into the oil, gas and petrochemical sectors.
The company, which supplies the long range Corrosion Under Insulation (CUI) monitoring technology, has secured investment from the MEIF Proof of Concept & Early Stage Fund. The fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, was supported by additional investment from Mercia and private investors, together with grants from Innovate UK and the Oil and Gas Technology Centre.
CorrosionRADAR, which is a spin-out from the UK’s Cranfield University, offers a patented system that enables automated monitoring and predictive corrosion management. Earlier detection can help to prevent corrosion, lowering both costs and risk.
The company uses permanently embedded sensors placed on the surface of the asset to continuously monitor its condition and detect problem areas, in addition to using advanced analytics and artificial intelligence to predict where faults are most likely to occur.
The technology was invented by Dr Prafull Sharma and Professor Hoi Yeung, who joined forces with Dr Mehrdad Silatani and Dr Chiraz Ennaceur to launch the company in 2017.
This latest investment will enable the team to develop new hardware for the oil, gas and petrochemical industries, while enhancing its predictive analytics and software. It will create an additional 10 jobs for sales and marketing staff.
"Corrosion is the biggest failure mechanism in the world, with a huge cost to industry,” explained Dr Chiraz Ennaceur, who is CEO of the company. “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."
Bill Yost, investment manager at Mercia, added: "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. This investment will allow the company to further develop its system and reach out to the global marketplace."
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