CorrosionRADAR, a Cambridge, UK-based provider of smart corrosion monitoring solutions, raised £5M in Series B funding.
The round was led by Aramco Ventures, Dow and Kanoo Ventures and backed by Mercia Ventures, investing via the Midlands Engine Investment Fund (MEIF).
The company intends to use the funds to accelerate deployment of its monitoring systems worldwide and continue developing new products to improve safety and operations within the oil, gas and petrochemical industries, as well as the expanding hydrogen sector.
Led by CEO Dr Chiraz Ennaceur, CorrosionRADAR is a provider of smart corrosion monitoring and analytics solutions for critical industrial asset integrity issues such as corrosion under insulation (CUI). The solutions monitor and predict risk remotely, allowing businesses to make data driven decisions in their industrial assets. For new energy infrastructure such as Hydrogen and CCUS, as well as conventional oil & gas, businesses are able to improve safety, and achieve significant savings in their maintenance costs.
The company currently employs 22 staff and is on course to increase revenue by 400% in the current year. The latest funding brings the total amount it has raised to date to £11.7m and is expected to create a further 10 jobs in Cambridge.
FinSMEs