The Israeli company is the developer of a system to test pipelines through sounds, acoustics and ultrasound. They latest investment brings its funding to $15M
Israeli startup AcousticEye Inc., which developed technology for testing pipelines, received a $2 million investment from billionaire and prominent investor in the international oil and gas industry, Roman Abramovich.
AcousticEye said it will use the funding to accelerate product development, deployment and sales. The funding follows a previous $7 million round in December from several firms and private investors.
“We appreciate very much Mr. Abramovich’s decision to join our other investors in funding our growth,” AcousticEye CEO Yoav Harel said in a July 2 statement on the funding. “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.”
A sound testing system
AcousticEye created solutions for non-traversing tube and pipe inspection for the global NDT (non-destructive testing) market. The technology allows for testing of heat exchangers and boilers in the oil and gas, power generation, petrochemical and other related markets. The patented technology features dual modes of pulse reflectometry operating in parallel for ultra-fast inspection for tubes up to 4 inches in any shape or material. Its products include DUET and Dolphin G3, both of which it says are simple to operate. The products use sound waves, acoustics and ultrasound to test the interior and exterior of tubes.
Tal Pechter and Dr. Noam Amir founded AcousticEye in 2006. Pechter was the original CEO, but Harel was appointed in 2011. In May 2012 the company received a $6 million investment from Sequoia Capital and Israel Cleantech Ventures, both of which participated in AcousticEye’s December round of funding. That $7 million investment was led by YS Capital and Plan B Ventures. The company has offices in the U.S. (Texas; North Carolina; and Washington), in the Netherlands and in Israel.