Wirescan AS, a Halden, Norway-based provider of products and services for diagnosis and condition monitoring of cables, has closed a NOK25m financing round.
The investment was led by Siemens Venture Capital GmbH and SåkorninVest, II AS, a company managed by Procom Venture of Stavanger, Norway.
This capital infusion will enable the company to accelerate market entry of its patent-pending Line Resonance Analysis (LIRA) technology, a product targeting major players in the electric power and oil & gas industries.
The LIRA system assesses and monitors the general degradation of the cable insulation caused by harsh environmental conditions (high temperatures, humidity, radiation). It also detects local degradation of the insulation material as a result of mechanical impact or local abnormal environmental conditions.
In conjunction with the funding, Gerd Goette, Investment Partner at Siemens Venture Capital, will join Wirescan’s board of directors.