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Cranfield University spin-out secures £1 million

Posted on 07 Dec 2019 and read 1237 times
Cranfield University spin-out secures  £1 million A business that has found a way to detect corrosion and prevent leaks in assets such as pipelines — using a network of remote sensors — has concluded a £1 million funding round.

CorrosionRADAR (www.corrosionradar.com) has secured investment from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia (and is part of the Midlands Engine Investment Fund), alongside additional funds from Mercia, private investors, Innovate UK and the Oil and Gas Technology Centre.

A spin-out from Cranfield University near Bedford, CorrosionRADAR addresses the challenge of how to detect corrosion
in pipelines and other assets where the surface is covered by insulation.

The firm, which has offices in Cranfield and Cambridge, 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.

This allows facilities managers to focus their resources more effectively and helps to prevent leaks.

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 organisations such as Solvay, Sitech and Reliance Industries.

This latest investment boost will enable the team to develop new hardware for the oil and gas and petrochemicals industries, while enhancing its predictive analytics and software, and creating 10 new jobs in sales and marketing.