Inductosense Limited is a spin-out from the University of Bristol that has 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.
Our value proposition not only leads to cost savings but also helps minimise environmental and social costs for our customers. Our technology can support customers to meet their net zero objectives.
Even oil and gas, chemical or mining industries are working towards net zero through various means. Inductosense technology essentially saves on travel to check on assets in person and also helps to prevent unplanned shutdowns on plants, which can lead to big outbursts of CO2. It also helps maintain these structures to last longer and operate more safely.
“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.”
Dr Matt Butcher, CEO, Inductosense Limited
Started on ICURe programme
Launched evaluation kit for initial trials
Launched first commercial product – the WAND system
Received £2.3m in investment
Company reaches a milestone of 4,000 WAND sensors shipped
Launched new IoT device
Product approvals with top 8 major oil and gas operators
What companies had to say about the ICURe programme?
“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."
Dr Matt Butcher
CEO, Inductosense Limited
We are focused on growth and 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.
We aim to replicate a land and expand strategy with a focus on opportunities where there is a need for volumes of sensors. And alongside that, explore different pricing models and move over to a subscription-based model.
Within three to five years we aim to have a customer range split across different industries, to provide the technology that can help to support customers in a range of industries.