Ultrasonic sensor company Inductosense raises £1.1 million investment
03/10/2017
Inductosense, a spin-out company from the University of Bristol, secured a funding round of £1.1 million investment from a consortium of investors in August. The consortium consists of Perivoli Innovations, the University of Bristol Enterprise Fund (managed by Parkwalk Advisors Ltd), IP Group plc, the Institution of Mechanical Engineers’ Stephenson LP Fund and a number of angel investors.
Inductosense is developing novel ultrasonic sensors for monitoring corrosion, cracks and defects. The technology is known as the Wireless and Non-Destructive (WAND) system and it works by bringing a measurement probe near to a compact, battery-free sensor installed on a structure. What makes the technology unique is that the sensors are small, passive and wireless and can therefore be permanently attached to structures, even if the structures are beneath a layer of material or coating. The benefits to Inductosense’s customers are a significant reduction in the cost and downtime associated with conventional monitoring.The technology was developed over several years by Dr Chenghuan Zhong, Dr Anthony Croxford and Professor Paul Wilcox from the Ultrasonics and Non-Destructive Testing Group at the University of Bristol. The company was formed in late 2015, with funding from InnovateUK alongside angel investment. Since then, the team has launched its first product (a system for measuring internal corrosion on pipework) and secured orders. The team is working with a number of major companies on trials with an initial focus on monitoring assets across oil & gas and nuclear.
Dr Matt Butcher, CEO at Inductosense, said: “Over the past year we have had great success in development of the technology and commercial traction. With the investment, we want to accelerate our pace and progress from trials to commercial deployment of the sensors. We are also commercialising some exciting new products.”
Announcing the investment, Stephen Tetlow MBE, Chief Executive of the Institution of Mechanical Engineers, said: “It is exciting that we can support cutting-edge technologies, such as those being developed by Inductosense that are, in George Stephenson’s words, ‘likely to be useful to the world’. The Institution wants to help companies overcome the hurdle between research and development and bringing a product to market and, apart from the monetary investment, this will also connect Inductosense to the vast resources and network of the Institution and its membership.”
www.inductosense.com
