Investment accelerator funds corrosion sensor for oil and gas pipelines
The oil and gas industry spends around £3.5billion managing corrosion every year. A Midlands-based company that develops remote sensors for monitoring corrosion in oil and gas pipelines has secured £250,000 of investment from early-stage technology investor, Mercia Fund Managers. This has been met with a further £104,000 from Innovate UK’s Investment Accelerator pilot programme. The investment will support CorrosionRADAR with developing its technology and business to secure commercial partners for initial field tests.
Investment Accelerator is a new approach to finance innovation, highlighting the potential to scale by attracting significant private sector funding into UK R&D from both domestic and foreign investors.