CorrosionRADAR, a Cranfield Technology Park, UK-based company that develops remote sensors for monitoring corrosion in oil and gas pipelines, secured £354k investment.
Mercia Fund Managers made an investment of £250k while Innovate UK provided £104k through its investment accelerator pilot program.
The company intends to use the funds to develop its technology and business to secure commercial partners for initial field tests.
Led by CEO Dr Chiraz Ennaceur and COO Dr Mehrdad Silatani, CorrosionRADAR is seeking to monitor corrosion in pipelines, particularly in Corrosion Under Insulation (CUI) or buried pipes. The CorrosionRADAR technology is permanently embedded and can accurately pinpoint the location of corrosion at any point along the full length of a pipeline. The main aim of the technology is to help companies reduce maintenance costs, while sustaining a high standard of safe and environmentally friendly operations.
It is a spin-out from Cranfield University.