Pipe inspection co AcousticEye raises $7m

The company will use the financing to speed up product development, deployment and sales.

Non-traversing tube and pipe inspection solutions developer AcousticEye Ltd. has raised $7 million from Mumbai-based YS Capital Ltd., Boston-based Plan B Ventures LLC and existing Israeli investors Sequoia Capital and Israel Cleantech Ventures Funds. The company will use the financing to speed up product development, deployment and sales.

AcousticEye was founded in 2006 by CTO Dr. Noam Amir. Its DUET product uses patented dual mode pulse reflectometry technology (acoustic and ultrasonic operating in parallel) for non-traversing inspection for NDT applications in oil and gas, power generation, petrochemical, chemicals, pulp and paper, food and beverage, and the heating, ventilation, and air conditioning (HVAC) industries.

With billions of tubes and pipes inspected and maintained annually, AcousticEye's system can increase operational efficiency by an order of magnitude compared with conventional inspection techniques. Ultra-fast and capable of inspecting any shape or material, DUET is a highly advanced yet easy-to-use tool that requires only a single operator instead of two highly-skilled operators typically needed.

"These funds will enable us to capitalize on the tremendous momentum we have been generating toward full-scale market adoption of our recently introduced DUET inspection system, which we expect will be a real game-changer for the non-destructive testing (NDT) industry", said AcousticEye CEO Yoav Harel.

"AcousticEye disrupts the multi-billion dollar NDT inspection service market with a clear value proposition that dramatically improves inspection cycle performance and, ultimately, plant asset utilization", said Sequoia partner Gili Raanan.

Published by Globes [online], Israel business news - www.globes-online.com - on December 8, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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