New Corrosion Technology Investment

New Corrosion Monitoring Technology Investment Inductosense Ltd, a UK-based technology developer that designs and manufactures wireless ultrasonic sensor technology for accurate, cost-effective corrosion monitoring in pipelines and ships, announced it has received funding from Aramco Ventures in addition to existing investors. With this latest investment round, total funding secured by Inductosense exceeded USD 10 million. Aramco Ventures, the corporate venture capital arm of Aramco, is a significant investor in technology companies developing solutions to address critical challenges in the energy sector. Inductosense's WAND technology is built on wireless, battery-free ultrasonic sensors that are permanently installed on metal structures to accurately and easily monitor wall thickness. The technology is revolutionizing corrosion monitoring and offers a seamless transition from manual collection of corrosion data to fully automated IoT solutions. Repeatable measurements from WAND sensors enable customers to manage data, make informed decisions, and enhance safety. In addition to achieving lower costs, customers are supported in their digitalization and net-zero initiatives. Various industries including oil and gas, chemicals, nuclear, and mining have adopted WAND technology, which has been approved by numerous major operators. Aramco tested the WAND system at 6 facilities and approved the technology in 2022. Inductosense Chief Executive Officer Dr. Matt Butcher stated, "Inductosense has achieved rapid growth as our customers transition from trials to sensor deployments. Working with Aramco Ventures is excellent, and this investment will be used to further support the widespread adoption of our technology through our customers, including Aramco. We will also use the funds to take advantage of a number of opportunities to integrate our technology into products during their manufacturing and to move toward a recurring revenue-based model." Mike Hill from Aramco Ventures said, "We are excited to invest in Inductosense's game-changing corrosion monitoring technology. We believe Inductosense's technology has the potential to make a real difference in how assets are managed at Aramco and across a wide range of sectors." Source