Bristol-based Inductosense has announced securing another funding round to expedite the roll-out of their pioneering technology. Aramco Ventures has invested in Inductosense’s novel corrosion monitoring technology, bringing its total funding to a casual $10m.
The Inductosense WAND technology is based around wireless, battery-free ultrasonic sensors that are permanently attached to metal structures for simple, accurate wall thickness monitoring. The technology revolutionises corrosion monitoring and offers a seamless migration from manual collection of corrosion data to a fully automated IoT solution. The repeatable measurements from the WAND sensors allow customers to trend data, make informed decisions and improve safety. Customers also see reduced costs and are supported with their drive towards digitisation and net zero.
Utilised across a range of stable industries, from oil and gas to nuclear and mining, Aramco recognises the huge potential Inductosense’s deep tech unlocks. After trailing the tech themselves on 6 plants, Aramco subsequently approved the WAND system in 2022.
“Inductosense has seen rapid growth with our customers transitioning from trials to deployments of sensors in volumes,” explains CEO Dr. Matt Butcher. “It is great to have Aramco Ventures on board and this investment will be used to further support the roll-out of our technology with clients, including Aramco. We will also use the funds to take advantage of a range of opportunities to integrate our technology into products during their manufacture as well as progressing towards a recurring revenue based model.”
Aramco Ventures, the corporate venture capital arm of Saudi Aramco, is a significant investor in technology companies that are developing solutions to address some of the energy industry’s most pressing challenges.
“We are excited to be investing in Inductosense’s game changing corrosion monitoring technology,” says Mike Hill of Aramco Ventures. “We believe that its technology has the potential to make a real difference to Aramco and to the way that assets are managed in a wide range of industries.”
Shona Wright
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