Riyadh - Sharikat Mubasher: Aramco Ventures, the global venture capital arm of Aramco, participated in an investment round raised by CorrosionRADAR along with Dow, Kanoo Ventures, and Mercia Ventures.
In a statement, CorrosionRADAR revealed that the latest round brought the total funding raised to date to $14 million.
CorrosionRADAR will utilize the proceeds to fuel its growth plans, accelerate the large-scale deployment of its CUI monitoring systems worldwide, and develop new product lines to improve safety and operations within the oil, gas, and petrochemical industries.
Mahdi Aladel, CEO of Aramco Ventures, said: “By continuing our collaboration and our investment in CorrosionRADAR’s CUI solution, we aim to make this technology a global standard for CUI detection.”
Meanwhile, Chiraz Ennaceur, Chief Executive Officer of CorrosionRADARو affirmed that the investment represented a vote of confidence in the company’s product offering and expansion plans.
“We’re delighted to have companies such as Aramco Ventures, Dow, Kanoo Ventures and Mercia Ventures on board. This investment will allow us to continue with our ambition to increase our global footprint and develop state-of-the-art solutions that improve industrial processes through the early detection of CUI, promoting more efficient operations,” Ennaceur added.
CorrosionRADAR is a leading provider of predictive corrosion under insulation (CUI) monitoring solutions that allow businesses to make data-driven decisions in their industrial assets.
