Finindus completes investment in CorrosionRADAR
Published by Isabel Stagg,
Editorial Assistant
World Pipelines,
Belgium-based investment firm Finindus, backed by top-tier steel manufacturer ArcelorMittal and the Flemish Region, completes the latest investment round for CorrosionRADAR, a leading provider of advanced Corrosion Under Insulation (CUI) monitoring solutions.
The latest round of funding brings the total amount invested in CorrosionRADAR to US$14.8 million.
Finindus is the latest in a series of investors to back CorrosionRADAR and its leading CUI solution. The new funding follows investment from Aramco Ventures, Dow, Kanoo Ventures and Mercia Ventures, which all have long-standing partnerships with CorrosionRADAR.
The investment will allow CorrosionRADAR to enhance its predictive CUI monitoring system and further advance the business’ rapid growth trajectory across the world.
Dr. Chiraz Ennaceur, CEO at CorrosionRADAR, said: “We welcome the investment from Finindus which will allow us to continue to advance our ambitious growth plans and promote more efficient operations across the oil, gas, and petrochemical industries.”
“Digitalisation is at the top of the agenda for industrial asset owners and our data-driven CUI monitoring solution, which has the ability to remotely predict CUI problems before they turn into major concerns, is revolutionising the inspection and maintenance processes of critical infrastructure.”
Finindus provides early stage and growth financing to innovative technology companies that are active in the field of materials, sustainable manufacturing, and Industry 4.0 solutions. The firm strives to help smart and green industrial innovators succeed and as such CorrosionRADAR’s data-driven CUI monitoring solution aligns well with its investment strategy.
Hans Maenhout, Investment Director at Finindus, said: “We have been watching this rapidly growing technology space for a while, closely following CorrosionRADAR’s development since its inception. We are impressed with the progress the team has made with globally rolling out their pioneering and innovative solution.”
“We are happy to be able to support, together with our corrosion experts at the OCAS research centre, the efforts to detect, locate and monitor corrosion under insulation, a widespread operational and safety challenge within the process industry. Technologies like those from CorrosionRADAR are enablers of risk-based inspection and asset condition monitoring programs. A perfect fit in Finindus’ Industry 4.0 and materials (steel) oriented investment portfolio.”
CorrosionRADAR offers an end-to-end corrosion monitoring solution for CUI detection, monitoring, and prediction. Its latest product, CorrosionRADAR: LR, combines the longest-length sensors in the market (capable of covering 50 m), with a host of new features and enhancements.
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World Pipelines’ August 2024 issue
The August 2024 issue of World Pipelines includes a keynote section on pipeline project management, technical articles on inspection, condition assessment, servicing, and surface preparation. We also cover OT software, CO2 and hydrogen pipelines, and pipeline construction topics.
Read the article online at: https://www.worldpipelines.com/business-news/04092024/finindus-completes-investment-in-corrosionradar/
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