Cambridge-based CorrosionRADAR raises €5.9M to help industries with corrosion management 

Cambridge, UK-based CorrosionRADAR, a provider of predictive Corrosion Under Insulation (CUI) monitoring solutions, announced on Tuesday, July 30 that it has secured £5M (approximately €5.9M) investment in a fresh funding round from Aramco Ventures, Dow, Kanoo Ventures, and Mercia Ventures.

Mercia Ventures, the UK’s most active venture capital investor, invested through the Midlands Engine Investment Fund (MEIF).

The MEIF project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

The latest round brings the total funding raised to $14M (approximately €13M).

CorrosionRADAR will use the investments to accelerate its growth plans and large-scale deployment of its CUI monitoring systems worldwide.

The company will use the capital to continue developing new product lines to improve safety and operations within the oil, gas, and petrochemical industries, and the expanding hydrogen sector.

Dr. Chiraz Ennaceur, CEO at CorrosionRADAR, says, “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.”

“We’re delighted to have companies such as Aramco Ventures, Dow, Kanoo Ventures, and Mercia Ventures on board. This investment will allow us to continue with our ambition to increase our global footprint and develop state-of-the-art solutions that improve industrial processes through the early detection of CUI, promoting more efficient operations,” adds Ennaceur.

CorrosionRADAR: Smart corrosion monitoring and analytics

Led by  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 UK company provides corrosion monitoring and analytics solutions for asset integrity issues such as Corrosion Under Insulation.

CorrosionRADAR’s solutions monitor and predict risk remotely, allowing businesses to make data-driven decisions about their industrial assets, saving time and money, while enhancing safety and ensuring the longevity of critical infrastructure.

For new energy infrastructure such as Hydrogen and CCUS, as well as conventional oil & gas, businesses can improve safety, and achieve significant savings in their maintenance costs.

Multiple major companies globally, including Dow, a global leader in materials science, and Aramco, one of the world’s leading integrated energy and chemicals companies, have been working with CorrosionRADAR’s technology for several years, alongside YBA Kanoo and Mercia.

The investor

Dow is a materials science company, serving customers in high-growth markets such as packaging, infrastructure, mobility, and consumer applications.

Karl Donner, Dow’s Senior Investment Director – Venture Capital, says, “At Dow, we’re committed to investing in innovative products and technologies that meet the evolving demands of our customers.”

“CorrosionRADAR’s industry-leading CUI monitoring solution has the potential to greatly improve operations in areas such as safety and reliability through how critical assets can be observed and managed,” adds Donner.

Aramco Ventures is the corporate venturing arm of Aramco, a fully integrated energy and chemical enterprise. 

Aramco Ventures’ strategic venturing programs invest globally in startup and high-growth companies with technologies of strategic importance to its parent company, Aramco, primarily supporting its operational decarbonization, new lower-carbon fuels businesses, and digital transformation initiatives.

Mahdi Aladel, CEO of Aramco Ventures continues, “At Aramco Ventures, we champion smart, productive practices in oil and gas asset management through ground-breaking technology across facilities and new projects to maximise equipment uptime and value realisation. By continuing our collaboration and our investment in CorrosionRADAR’s CUI solution, we aim to make this technology a global standard for CUI detection.”