Kanoo Ventures invests in CorrosionRADAR
MANAMA, July 31, 2024
Kanoo Ventures, the investment arm of YBA Kanoo, has announced a significant investment in CorrosionRADAR, a leading provider of predictive Corrosion Under Insulation (CUI) monitoring solutions.
This latest funding round, which also includes investments from Aramco Ventures, Dow and Mercia Ventures, brings the total capital raised by CorrosionRADAR to $14 million (£11.7 million).
This infusion of capital will enable CorrosionRADAR to accelerate the deployment of its cutting-edge CUI monitoring systems on a global scale, enhance its product offerings, and further its mission to improve safety and operational efficiency within the oil, gas, petrochemical and hydrogen sectors, said a statement.
Dr Chiraz Ennaceur, Chief Executive Officer at CorrosionRADAR, expressed enthusiasm about the strategic support from these industry leaders and said: “CorrosionRADAR is in a period of rapid growth, and we are leading the way with our predictive CUI monitoring solutions that safeguard critical assets and ensure the longevity of critical infrastructure.
“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,” she added.
Nabeel Kanoo, Chairman of Kanoo Ventures, commented: “Our investment in CorrosionRADAR underscores our commitment to supporting innovative technologies that enhance operational efficiency and sustainability. We believe CorrosionRADAR’s pioneering solutions will set new industry standards and significantly improve safety and reliability globally.”
UK-based CorrosionRADAR is already making waves in the industry, with its predictive CUI monitoring systems being utilised by major companies worldwide, including Dow and Aramco. The continued collaboration and investment from Kanoo Ventures and other stakeholders will further bolster CorrosionRADAR’s capacity to innovate and lead in the field.
Kanoo Ventures continues to build on its strong track record across industrials, travel, consumer goods and specialty logistics. Additionally, the firm is actively focusing on healthcare, food and agriculture and the new economy sectors both regionally and globally. - TradeArabia News Service
