…this strategic investment...is yet another market endorsement of the unique value proposition that the company offers for the multi-billion dollar NDT inspection service market worldwide.
Houston, TX (PRWEB) July 02, 2014
AcousticEye Inc., an innovator in non-traversing tube and pipe inspection for the global NDT (non-destructive testing) market, today announced that it has received additional funding totaling over $2 million from Mr. Roman Abramovich, one of the world’s most prominent investors in the international oil & gas industry.
This latest funding, which will be used to accelerate product development, deployment and sales, follows a recent $7 million round completed in December, 2013. To date, the company has raised equity financing from leading firms and select private investors who are experts in the field.
Mr. Gili Raanan, Partner at Sequoia Capital said: “We welcome this strategic investment in AcousticEye. It is yet another market endorsement of the unique value proposition that the company offers for the multi-billion dollar NDT inspection service market worldwide. AcousticEye technology is used by major oil & gas and power generation companies to significantly improve their operational efficiency.”
Mr Yoav Harel, CEO of AcousticEye commented: “We appreciate very much Mr. Abramovich’s decision to join our other investors in funding our growth. It further validates the tremendous value that AcousticEye offers to the energy sector and confirms the significance of our core technology and R&D capabilities”.
AcousticEye has been recently selected as the recipient of Frost & Sullivan’s prestigious 2014 Global Non-Destructive Test Equipment New Product Innovation Leadership Award.
AcousticEye is a pioneer in non-traversing tube and pipe inspection for the global non-destructive testing (NDT) industry. Based on patented dual mode pulse reflectometry technology (acoustic and ultrasonic operating in parallel), the new DUET™ system is a breakthrough in accurate testing at a fraction of typical inspection cycle times and with 50% less manpower. With billions of tubes and pipes being inspected and maintained annually, AcousticEye is targeting NDT applications in oil and gas, power generation, petrochemical and other adjacent markets including chemical, pulp and paper, food and beverage and HVAC. The Company’s innovative technology solutions are utilized by inspection service providers and end users worldwide. http://www.acousticeye.com