CorrosionRADAR’s $6.4m Series A funding round for monitoring critical infrastructure

CorrosionRADAR has raised $6.4m in a Series A funding round, taking the total raised to date to $14m.

Investors include Aramco Ventures, Dow, Kanoo Ventures and Mercia Ventures.

Founded in 2017, the Future Business Centre-based company is a pioneer of predictive CUI (corrosion under insulation) monitoring systems currently in use globally by the likes of Dow (a global leader in materials science) and Aramco, the national oil company of Saudi Arabia.

Mercia Ventures, one of the UK’s most active venture capital investors, is investing through the Midlands Engine Investment Fund (MEIF). The MEIF project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

Karl Donner, Dow’s senior investment director – venture capital, said: “CorrosionRADAR’s industry-leading CUI monitoring solution has the potential to greatly improve operations in areas such as safety and reliability through the ways in which critical assets can be observed and managed.”

The investments will further boost CorrosionRADAR’s ambitious growth plans and allow the company to accelerate the large-scale deployment of its CUI monitoring systems worldwide.

Dr Chiraz Ennaceur, CEO at CorrosionRADAR, said: “CorrosionRADAR is in a period of rapid growth, and we are leading the way with our predictive CUI monitoring solutions that safeguard critical assets and ensure the longevity of critical infrastructure.

“We’re delighted to have companies such as Aramco Ventures, Dow, Kanoo Ventures and Mercia Ventures on board. This investment will allow us to continue with our ambition to increase our global footprint and develop state-of-the-art solutions that improve industrial processes through the early detection of CUI, promoting more efficient operations.”