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CASE STUDIES
View AllInductosense: A wireless ultrasonic sensor for rapid and low-cost inspections
Inductosense Limited is a spin-out from the University of Bristol that designs and manufactures compact, wireless, sensors for the fast, repeatable detection and monitoring of corrosion or other defects in pipework and vessels. The Inductosense WAND sensors do not contain any batteries or wires, enabling them to be permanently embedded into structures and products for through-life monitoring.
KEY MILESTONES
October 2014
Started on ICURe programme
October 2015
Received Innovate UK Aid for Startups grant alongside investment from founders and chairman
April 2016
First R&D contract awarded
November 2016
Launched evaluation kit for initial trials
September 2017
Received £1.35m in investment
February 2018
Obtained ISO accreditation
April 2018
Launched first commercial product – the WAND system
July 2019
£500k Innovate UK grant awarded for development of composites applications
October 2019
Received £2.3m in investment
January 2021
Received contract for deployment of sensors in volume with SinoChem in China
April 2021
Company reaches a milestone of 4,000 WAND sensors shipped
July 2021
Received £1.3m in investment
July 2021
Launched new IoT device
November 2022
Recieved product approvals with 8 top oil and gas operators
April 2023
Received £4.7m in investment
“The ICURe programme helped us understand the market need for our technology and identify the immediate and easier to access opportunities which subsequently fed into our business plan. During the programme we met with over 100 companies and their insight helped us to refine our technology. ICURe provided invaluable training and support, and we wouldn’t have got to where we are now without it.”
“We realised there was a business opportunity but ICURe accelerated our progress, and the intense three-month period of going out and doing the market validation really propelled us forwards. Without ICURe it would have taken much longer to get the business off the ground. We were proud to be one of the first ICURe projects to receive Innovate UK funding and it enabled us to develop an initial evaluation system and work with partnering companies on a range of applications.”
“We have our own facility in Bristol for production and R&D and we have increased our team to 22 employees. We launched our robotic based IoT enabled devices for data collection in 2022. Having completed several trials our products have now been formally approved by the top eight major operators, in a number of different markets. The focus is now moving from R&D to deployment of the technology, particularly on opportunities where there is a need for volumes of sensors.”
“We have just closed an investment round. We have secured £10m in investment to date, with the most recent investment aimed at scaling up, and pivoting towards a recurring revenue-based business model. We are looking to integrate our technology into products, appoint a manufacturer, and expand our business development towards growth and generating more revenue.”
Dr Matt Butcher, CEO
Inductosense Limited
