New investment from Saudi Aramco Energy Ventures (SAEV) is driving the next phase of global growth for UK-based company CorrosionRADAR Ltd. The funding will enable CorrosionRADAR to strengthen its operations and widen efforts to address corrosion under insulation (CUI) and other operational challenges through digitalisation. SAEV's investment was part of a $5 million (approximately £3.5 million) funding round, which also included investment from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, Mercia's EIS funds and angel investors. The latest funding boost follows successful on-site installations of CorrosionRADAR predictive corrosion monitoring systems at a primary Aramco production facility. Dr Chiraz Ennaceur, CEO at CorrosionRADAR, said: "We welcome this exciting collaboration with Saudi Aramco Energy Ventures as we step up the global response to CUI through the adoption of digital solutions. This investment demonstrates a surge of confidence from the sector in the use of real-time data systems that will accurately predict leakages and the onset of structural failure. With the worldwide cost of corrosion at $2.5 trillion (approximately £1.8 trillion), a coordinated effort cannot come soon enough. CorrosionRADAR is showing that a sustainable path to increased safety and dramatically reduced costs is achievable right now, using new technology and wireless connectivity."
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