CorrosionRADAR funding news – UK-based CorrosionRADAR Secures £5 Million in Funding

With this latest donation, the total amount raised to date has reached £11.7m, and an additional 10 jobs in Cambridge are anticipated to be created. With this current funding, the Cambridge-based firm will be able to continue developing new solutions to enhance safety and operations in the petrochemical, oil and gas industries, as well as the growing hydrogen industry. It will also be able to expedite the implementation of its monitoring systems worldwide.

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Stephen Windsor of Mercia Ventures added: “CorrosionRADAR is transforming the way that energy companies manage inspections and maintenance through the use of digital technology. Having supported the business from the start to help develop its technology, we are pleased to see it being deployed worldwide. The company’s success in attracting investment from major industry players is a real vote of confidence in its solutions.”

About CorrosionRADAR

Corrosion is a major problem that affects many different industries and is thought to cost the global economy 3% annually. Each year, the manufacturing sectors that deal with power, chemicals, and oil and gas invest hundreds of billions of dollars in managing and alleviating this problem.

CorrosionRADAR was founded by Mehrdad Silatani and Chiraz Ennaceur with the goal of addressing this problem through sensing and predictive analytics. With the help of its technology, the company hopes to have a global influence on pipeline corrosion.