An innovative tech firm leading the charge in corrosion detection within the oil and gas sector has secured significant funding to advance its groundbreaking solutions.
This financial injection not only promises accelerated technological development but also positions the company to form vital industry connections and collaborations.
Corrosion Detection Innovation
CorrosionRADAR is utilising cutting-edge technology to tackle a significant challenge within the oil and gas industry. Their advanced remote sensors are capable of detecting corrosion at any point along the pipeline, providing a comprehensive solution for ongoing pipeline monitoring. This technology aims to not only enhance operational safety but also reduce long-term maintenance costs for companies in the sector.
Strategic Investment and Support
The recent investment of £250,000 from Mercia Fund Managers has been complemented by an additional £104,000 from Innovate UK. This funding is expected to expedite the development of CorrosionRADAR’s technology, enabling the company to trial its solutions in field tests and secure commercial partnerships.
Dr Chiraz Ennaceur, CEO of CorrosionRADAR, expressed excitement at the opportunity to work with Mercia, highlighting the importance of this partnership in their innovative journey.
Addressing Global Industry Needs
The technology developed by CorrosionRADAR is strategically designed to meet an unmet need within a vast global market. Corrosion is a pervasive issue, costing the oil and gas industry approximately £3.5 billion annually according to the European Corrosion Congress.
By transitioning from reactive to predictive corrosion management, the company aims to revolutionise industry practices, demonstrating a proactive approach to maintenance. It not only minimises the risk of failures but also aligns with environmental and safety standards.
Collaborative Academic Roots
CorrosionRADAR’s inception is rooted in academic excellence, emerging as a spin-out from Cranfield University. The company’s founding team comprises a blend of scientists and business experts, including notable figures like Dr Prafull Sharma and Professor Hoi Yeung, who were instrumental in developing the original technology.
Chief Operations Officer, Dr Mehrdad Silatani, brings significant experience in innovation and technology management to the team. Together with CEO Dr Chiraz Ennaceur, who possesses over 15 years in technology development, they spearhead CorrosionRADAR’s mission.
Market Opportunities and Growth
With strong industry ties and considerable expertise, the team at CorrosionRADAR is well-positioned to exploit burgeoning market opportunities. Investment manager Dr Brijesh Roy at Mercia emphasises the substantial market demand for solutions addressing corrosion management failures.
The company’s ambition and ability to scale their operation are underscored by their strategic approach, aiming to address the unmet needs of customers willing to adopt innovative technology solutions.
Commitment to Innovation
CorrosionRADAR’s vision is transformational, aiming at moving industry standards from traditional to predictive maintenance practices. By leveraging distributed sensing technology, the Industrial Internet of Things (IIoT), and advanced analytics, they offer a way forward for sustainable industrial operations.
Their commitment to crafting a game-changing solution for corrosion management is unwavering, as highlighted by the enthusiasm of their leadership team.
Next Steps for Corrosion Technology
The next phase involves rigorous field testing and securing commercial partners to test the waters. This stage is crucial for translating their innovative technology from development into practical application within real-world settings.
The journey of CorrosionRADAR signifies a pivotal shift in corrosion management, with their technology poised to bring about substantial industry change.
The strategic investments and strong academic foundation place the company on a promising path towards industry-wide adoption and success.