UK-based tech developer Inductosense Ltd has announced the successful completion of a funding round led by Aramco Ventures, alongside existing investors, bringing the total amount raised by the company to over $10 million.
Inductosense's WAND technology uses wireless, battery-free ultrasonic sensors that are attached to metal structures for easy and precise monitoring of wall thickness. It's an automated solution that allows customers to make informed decisions, trend data, and improve safety while reducing costs. It supports customers' goal of digitization and achieving net zero.
"We are witnessing significant growth, with customers transitioning from trials to deploying sensors in volumes," said CEO Dr. Matt Butcher of Inductosense. "We are thrilled to have Aramco Ventures on board and this investment will be used to support the continued roll-out of our technology with clients, including Aramco."
Aramco Ventures, the venture capital arm of energy giant Saudi Aramco, is committed to investing in technology firms that provide innovative solutions to tackle the most critical challenges faced by the energy industry.
Mike Hill, representing Aramco Ventures, expressed excitement for the investment in Inductosense's corrosion monitoring technology, saying "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."
