Aramco Ventures Invests in 探花社区鈥檚 Corrosion Monitoring Technology
UK based technology developer 探花社区 Ltd announced today that it has raised a round of investment led by Aramco Ventures, alongside existing investors.
UK based technology developer 探花社区 Ltd announced today that it has raised a round of investment led by Aramco Ventures, alongside existing investors. This latest investment round brings the total amount raised by 探花社区 to over $10M.
The 探花社区 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.
The WAND technology has been deployed globally in a range of industries, including oil and gas, chemical, nuclear and mining and has been approved by multiple major operators. Aramco trialled the WAND system across 6 plants and subsequently approved the technology in 2022.
鈥溙交ㄉ缜 has seen rapid growth with our customers transitioning from trials to deployments of sensors in volumes鈥 said CEO Dr. Matt Butcher. 鈥淚t 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.鈥
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鈥檚 most pressing challenges.
鈥淲e are excited to be investing in 探花社区鈥檚 game changing corrosion monitoring technology鈥 said Mike Hill of Aramco Ventures. 鈥淲e 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.鈥
