Cambridge-based CorrosionRADAR, a leader in predictive Corrosion Under Insulation (CUI) monitoring solutions, has announced a successful £5M funding round. This investment, led by Aramco Ventures, Dow, Kanoo Ventures, and Mercia Ventures, will propel the company’s expansion and innovation plans. The funding will be pivotal in advancing the technology that ensures the longevity and safety of critical infrastructure in various industries, including oil, gas, petrochemical, and the burgeoning hydrogen sector.
In recent years, CorrosionRADAR has consistently garnered attention with its innovative solutions in corrosion monitoring. Previous investments have allowed the company to develop technologies that enable companies to make informed decisions about their industrial assets, ultimately saving time and money while enhancing safety. This latest funding round follows a similar pattern of support from major industry players, underlining confidence in CorrosionRADAR’s growth trajectory and technological contributions.
Investment and Future Plans
The £5M investment round increases CorrosionRADAR’s total funding to approximately $14M. The company plans to use these funds to accelerate the global deployment of its CUI monitoring systems and further develop its product lines. These advancements aim to enhance safety and operational efficiencies across the oil, gas, petrochemical, and hydrogen industries.
“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,” said Dr. Chiraz Ennaceur, CEO of CorrosionRADAR.
The Midlands Engine Investment Fund (MEIF) contributed to the investment through Mercia Ventures, supported by the European Regional Development Fund. This backing highlights the importance of innovative technologies in maintaining industrial asset integrity and operational efficiency.
Strategic Investors
Dow and Aramco Ventures are among the prominent investors in CorrosionRADAR. Dow’s focus on investing in innovative products aligns with CorrosionRADAR’s mission to improve industrial processes through early CUI detection. Aramco Ventures aims to make CorrosionRADAR’s technology a global standard for CUI detection, emphasizing the strategic importance of efficient asset management in the energy sector.
“CorrosionRADAR’s industry-leading CUI monitoring solution has the potential to greatly improve operations in areas such as safety and reliability,” remarked Karl Donner, Dow’s Senior Investment Director – Venture Capital.
Aramco Ventures continues to support technologies that contribute to operational decarbonization and digital transformation initiatives, reinforcing their commitment to sustainable and efficient energy production. The collaboration with CorrosionRADAR underscores the value of advanced monitoring solutions in achieving these goals.
The fresh investment signifies a notable boost for CorrosionRADAR’s mission to offer state-of-the-art solutions for industrial asset integrity. As the company scales, it will focus on enhancing its technology to meet the evolving demands of industries reliant on critical infrastructure. This strategic funding will facilitate significant advancements in the detection and management of corrosion, promoting safer and more reliable operations globally.
