L/R: Co-inventors Prof Hoi Yeung and Dr Prafull Sharma, CEO Dr Chiraz Ennaceur, Dr Brijesh Roy, Investment Manager at Mercia, and COO Dr Mehrdad Silatani.
A Midlands firm that develops remote sensors for monitoring corrosion in oil and gas pipelines has secured over £350,000 of investment.
£250,000 of the investment comes from early-stage technology investor, Mercia Fund Managers, with a further £104,000 provided by Innovate UK through its investment accelerator pilot programme.
The investment will support CorrosionRADAR with developing its technology and business to secure commercial partners for initial field tests.
CorrosionRADAR, a spin-out from Cranfield University, is seeking to address the well-known industry problem of monitoring corrosion in pipelines, particularly in Corrosion Under Insulation (CUI) or buried pipes.
CorrosionRADAR technology is permanently embedded and can accurately pinpoint the location of corrosion at any point along the full length of a pipeline.
These unique capabilities support predictive maintenance programs for the management of industrial assets, allowing business owners to make real-time decisions.
The main aim of the technology is to help companies reduce maintenance costs
The business was established by an international team of four scientists and business professionals, including Dr Prafull Sharma and Professor Hoi Yeung, who developed the original technology, and COO Dr Mehrdad Silatani, who has significant experience in innovation and technology management.
CorrosionRADAR is led by CEO Dr Chiraz Ennaceur, who has more than 15 years’ experience in taking new technologies from the research stage to product development.
Dr Ennaceur said: “CorrosionRADAR is addressing an unmet industrial challenge in a global market.
“Our vision is to support industry moving from reactive to predictive corrosion management using
“The CorrosionRADAR team is committed to creating a
Dr Brijesh Roy,
“The experienced team has considerable expertise and strong industry links, which when coupled with their ambition, makes us confident in their ability to really scale the business.
“According to the European Corrosion Congress, the oil and gas industry spends around £3.5billion managing corrosion every year, this provides a significant opportunity for CorrosionRADAR to solve this vital gap in the market.”
In 2016, CorrosionRADAR won Cranfield University’s VentureFest competition to fund new start-ups and secured a pre-seed investment of £15,000, which has been used to support its product development to date.