According to CorrosionRADAR Ltd, an investment from Saudi Aramco Energy Ventures (SAEV) is driving the next phase of global growth for the UK-based company. The funding will enable them to strengthen their operations and widen efforts to address Corrosion Under Insulation (CUI) and other operational challenges through digitalisation. SAEV’s investment was part of a $5m funding round which also included investment from the MEIF Proof of Concept & Early Stage Fund.
This latest funding boost follows successful on-site installations of CorrosionRADAR predictive corrosion monitoring systems at a primary Aramco production facility, and Dr Chiraz Ennaceur, CEO at CorrosionRADAR said. “We welcome this exciting collaboration with Saudi Aramco Energy Ventures as we step up the global response to CUI through the adoption of digital solutions. This investment demonstrates a surge of confidence from the sector in the use of real-time data systems that will accurately predict leakages and the onset of structural failure.”
CorrosionRADAR systems combine patented Electro-Magnetic Guided Radar (EMGR) wireless sensing technology and Industrial Internet of Things (IIoT) applications to continuously monitor and safeguard complex structures and critical assets from the effects of corrosion. With a series of sensors embedded under the asset insulation, the systems have exceptional range and will relay real-time data to localise CUI well in advance of damage or structural failure. An article describing this technology can be found in the May/June 2020 issue of Corrosion Management.
