Inductosense Secures Major Funding Boost from Saudi Aramco Ventures

April 10, 2023

Author: Karan Bodh
Inductosense Secures Major Funding Boost from Saudi Aramco Ventures

UK-based technology firm Inductosense has recently received a significant boost in funding from a major player in the energy industry, Saudi Aramco. With this latest round of investment, the company's total funding has surpassed $10 million, marking a significant milestone in its growth journey.

Inductosense, headquartered in Bristol, specializes in monitoring pipelines and vessels, offering innovative solutions that enhance safety and efficiency in industries such as oil and gas, chemical, nuclear, and mining. One of their flagship technologies, the Wall Thickness Monitoring Sensor, or WAND, has garnered attention for its wireless, battery-free ultrasonic sensors, which provide accurate and real-time monitoring of metal structures' thickness.

The backing from Saudi Aramco, facilitated through its venture capital arm, Aramco Ventures, underscores the industry's recognition of Inductosense's pioneering corrosion monitoring technology. Aramco Ventures is known for investing in companies that tackle critical challenges within the energy sector, making them a strategic partner for Inductosense as it continues to innovate and expand its market reach.

Inductosense CEO, Matt Butcher, expressed enthusiasm about the partnership with Aramco Ventures, emphasizing its role in accelerating the deployment of their technology. "Inductosense has seen rapid growth with our customers transitioning from trials to deployments of sensors in volumes," Butcher stated. "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."

The significance of Inductosense's technology extends beyond the oil and gas sector. With applications in diverse industries such as chemical, nuclear, and mining, the WAND technology offers a versatile solution for asset monitoring and management. Its ability to provide actionable insights, improve safety standards, and contribute to cost reduction aligns with the broader industry trends towards digitisation and sustainability.

Aramco's decision to trial and subsequently approve the WAND system after testing it across multiple plants speaks volumes about the technology's reliability and effectiveness. Mike Hill of Aramco Ventures commented on the investment, stating, "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."

The infusion of funding from Aramco Ventures not only provides Inductosense with financial resources but also validates the company's innovative approach to addressing industry challenges. With plans to leverage the investment for further product development and market expansion, Inductosense is poised to solidify its position as a leading provider of corrosion monitoring solutions.

In conclusion, Inductosense's partnership with Saudi Aramco marks a significant milestone in its journey to revolutionize corrosion monitoring and asset management. With the support of Aramco Ventures and its innovative technology, Inductosense is well-positioned to drive positive change across various industries while contributing to the advancement of digitisation and sustainability efforts within the energy sector.