ArcelorMittal-backed Finindus completes investment in CorrosionRADAR
27/11/2024
Belgium-based investment firm Finindus, backed by top-tier steel manufacturer ArcelorMittal and the Flemish Region, has completed the latest investment round of 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 $14.8 million (approximately £11.3 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 company’s rapid growth trajectory across the world.
Dr Chiraz Ennaceur, CEO of 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 its 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 such as those from CorrosionRADAR are enablers of risk-based inspection and asset condition monitoring programmes. A perfect fit in Finindus’s 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 long-length sensors capable of covering 50 m, with a host of new features and enhancements.
