Seed1 November 2020

CorrosionRADAR secures 900k in seed follow on investment from Mercia and the Future Fund to scale international sales.

The funding was secured from the MEIF Proof of Concept and Early Stage Fund alongside the Future Fund and existing backers.

£900KSeed

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 900k in seed follow on funding to expand its global client base and prepare for a series a round. The investment was backed by the meif proof of concept and early stage fund managed by mercia, alongside the government's future fund and existing shareholders. The fresh capital will be directed towards boosting overseas sales and entering new markets. This follows previous backing from mercia since the firm was established as a university spin out in 2017.

From the founder

"The ability to continuously monitor and predict corrosion onset will not only change the way industry approaches inspections and maintenance, but it will also reduce risk and save time and money. CorrosionRADAR is leading the way in using advanced digital technologies to respond to this global challenge and will continue to achieve its ambitious growth plans."

Chiraz Ennaceur

Chief Executive Officer at CorrosionRADAR

Investor perspective

"CorrosionRADAR has the benefit of a management team with industry experience which has helped to ensure that the company has consistently met its technical and commercial milestones. Having supported the business to develop its technology, this follow-on round will help it to scale up its customer base ahead of a larger round later this year."