CorrosionRADAR, a spin-out from Cranfield University that has found a new way to detect corrosion and prevent leaks in assets such as pipelines, has completed a £1 million funding round.
The company secured a £1 million investment from the MEIF Proof of Concept & Early Stage Fund, alongside additional funds from Mercia and private investors, and grants from the government’s Innovate UK and the Oil and Gas Technology Centre.
It uses a network of sensors placed on the pipe to continuously monitor its condition and detect problem areas, along with advanced analytics and artificial intelligence to predict where faults are likely to occur.
The technology was developed by PhD student Prafull Sharma and Professor Hoi Yeung. They joined forces with fellow PhD student Mehrdad Silatani and experienced industrialist Chiraz Ennaceur to launch the company in 2017, with backing from Mercia and a grant from Innovate UK.
The system is already being used by large corporates such as Solvay, Sitech and Reliance Industries. This latest round of investment will allow the team to develop new hardware for the oil, gas and petrochemicals industries, while enhancing its predictive analytics and software, creating ten jobs for sales and marketing staff.
For more information visit www.corrosionradar.com