CorrosionRADAR secures $5m in Series A funding led by Saudi Aramco Energy Ventures to drive global growth
Saudi Aramco Energy Ventures led the $5m round to support international expansion and technological development.
CorrosionRADAR provides predictive corrosion monitoring systems for industrial assets using wireless sensing technology and data analytics. The company helps sectors such as oil and gas transition from manual inspections to automated monitoring.
CorrosionRADAR has secured $5m in a Series A funding round led by Saudi Aramco Energy Ventures. The round also drew participation from the MEIF Proof of Concept and Early Stage Fund, managed by Mercia, alongside Mercia's EIS funds and private angel investors. The capital will be deployed to strengthen operational capabilities and expand efforts to resolve corrosion challenges in industrial infrastructure worldwide.
The latest financial backing arrives as the company scales up deployments of its smart monitoring systems within primary production facilities. By combining patented sensing techniques with industrial internet applications, the firm aims to replace intensive manual checks with continuous predictive oversight, yielding significant cost reductions and extended asset lifetimes for industrial operators.
From the founder
"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."
Chiraz Ennaceur
CEO at CorrosionRADAR
Investor perspective
"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."
Mike Hill
Saudi Aramco Energy Ventures
Use of funds
- 01Scale operations
- 02Expand into international markets
Investors
Mike Hill
Saudi Aramco Energy Ventures
MEIF Proof of Concept & Early Stage Fund
Stephen Windsor
Mercia
Categories
About the company
CorrosionRADAR
CorrosionRADAR develops predictive corrosion monitoring technology for critical industrial assets.