A UK firm – that specialises in monitoring pipelines and vessels – has secured backing from the world’s largest oil company.
A recent funding round led by Saudi Aramco, through its Aramco Ventures arm, took Inductosense’s total amount raise to more than $10 million.
Headquartered in Bristol, the technology developer has two employees based in Aberdeen, and works with a number of major oil and gas companies.
Last year Inductosense bagged funding from the Net Zero Technology Centre (NZTC) to develop and trial its wall thickness monitoring sensor, known as WAND.
The technology uses wireless, battery-free ultrasonic sensors that are permanently attached to metal structures to monitor thickness.
It allows customers to trend data, make informed decisions and improve safety, as well as reduce costs on the road to digitisation and net zero.
As well as the oil and gas industry, the WAND technology has been deployed in the chemical, nuclear and mining industries, and has been approved by multiple major operators.
Aramco trialled the system across 6 plants and subsequently approved the technology in 2022.
Inductosense chief executive, Matt Butcher, said: “Inductosense has seen rapid growth with our customers transitioning from trials to deployments of sensors in volumes.
“It 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.”
Aramco Ventures is a significant investor in technology companies that are developing solutions to address some of the energy industry’s most pressing challenges.
The group’s Mike Hill said: “We are excited to be investing in Inductosense’s game changing corrosion monitoring technology.
“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.”
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