Ultrasonic sensor tech attracts £1.1m investment
A tech start-up which monitors corrosion and damage has attracted more than £1m in investment.
The ultrasonic sensors developed by Bristol-based Inductosense and currently undergoing trials are based on research carried out at the University of Bristol.
They monitor corrosion, cracks or defects using technology known as the WAND – Wireless and Non-Destructive system – to assist within the oil, gas and nuclear sectors.
Their passive and wireless nature means they can be permanently attached to structures, removing the need to stop the systems when performing regular checks.
Its first official product is a system for measuring internal corrosion on pipework.
“Over the past year we have had great success in development of the technology and commercial traction,” said Dr Matt Butcher, CEO at Inductosense.
“With the investment we want to accelerate our pace and progress from trials to commercial deployment of sensors. We are also commercialising some exciting new products.”
The firm has taken part in Pitch at Palace and attracted the attention of a consortium of investors including Perivoli Innovations, the University of Bristol Enterprise Fund – managed by Parkwalk Advisors Ltd – IP Group plc, the Institution of Mechanical Engineers’ Stephenson LP Fund and a number of angel investors.
Stephen Tetlow MBE, chief executive of the Institution of Mechanical Engineers, said: “It is exciting that we can support cutting-edge technologies like those being developed by Inductosense that are, in George Stephenson’s words, ‘likely to be useful to the world’.
“The Institution wants to help companies overcome the hurdle between research and development and bringing a product to market – and apart from the monetary investment this will also connect Inductosense to the vast resources and network of the Institution and its membership.”
BELOW: Flick through the Q2 2017 edition of BusinessCloud's interactive digital magazine