CorrosionRADAR secures £5m Series B funding from global energy investors to scale operations.
Aramco Ventures, Dow and Kanoo Ventures led the financing round for the Cambridge monitoring technology firm.
CorrosionRADAR develops predictive corrosion monitoring systems designed to protect industrial infrastructure in the energy sector. The Cambridge business provides sensor networks and analytics to detect risks in pipelines and storage vessels.
CorrosionRADAR has secured £5m in a Series B funding round backed by a consortium of global energy investors and regional funds. Aramco Ventures, Dow and Kanoo Ventures led the financing, with continued support from Mercia Ventures via the Midlands Engine Investment Fund.
The capital will support the company in expanding its global deployment and advancing product development for traditional oil and gas applications as well as the emerging hydrogen sector. Founded as a spin-out from the University of Cranfield, the firm currently employs 22 people and anticipates significant revenue growth this year.
The latest injection brings the total capital raised by the enterprise to £11.7m, underpinning plans to add ten new roles in Cambridge. The business focuses on mitigating corrosion under insulation, a persistent operational hazard across major industrial facilities.
From the founder
"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."
Chiraz Ennaceur
Chief Executive Officer at CorrosionRADAR
Investor perspective
"CorrosionRADAR is transforming the way that energy companies manage inspections and maintenance through the use of digital technology. Having supported the business from the start to help develop its technology, we are pleased to see it being deployed worldwide. The company’s success in attracting investment from major industry players is a real vote of confidence in its solutions."
Stephen Windsor
Investment Director, Mercia Ventures
Use of funds
- 01Expand into international markets
- 02Continue product development
- 03Grow the team
Investors
Categories
About the company
CorrosionRADAR
CorrosionRADAR provides smart monitoring systems to detect and predict industrial corrosion.