Sam Pattemore, founder and CEO of Corrosion Instruments said “I’m delighted with the investment from Paspalis. It provided the basis for other investors to commit to the company, and to leverage a major grant from the Federal Government. We’re looking to immediately employ software developers here in the Territory.”
Corrosion Instruments (CI) build systems that use the Internet of Things (IoT) technology to monitor, and control Cathodic Protection (CP), a technique used to significantly reduce corrosion on pipelines, wharves, bridges and other large infrastructure. A failure of the cathodic protection system can result in significant damage to these structures resulting in expensive repairs, reduced asset life or even risks to health, safety and the environment. Corrosion Instruments’ systems enable constant monitoring and early warning of failure.
The Paspalis investment was pivotal in providing the matching funding to a grant from the Federal Government’s Accelerating Commercialisation program of $326,882 and an additional $50,000 from the Northern Territory Government BISI program. This money, alongside of PIIF’s funds and angel investment funds, will help fund the development of a satellite connected communication system of instrumentation. Corrosion Instruments sees markets for the new product not only in Australia, but also the USA, Canada and Russia.
Despite unprecedented levels of economic uncertainty due to the coronavirus pandemic, Paspalis Innovation Investment Fund (PIIF) continues to invest into exciting Northern Territory businesses, furthering its dedication to pioneering the development of businesses in the Top End.
“We are delighted to lead this round of investment. It will ensure their business can be taken to the next level. The deal also underlines that despite the current challenges in the economy, investment is still being offered and much needed deals are still being done.” Investment Manager Mr Harley Paroulakis.
The investment is a great outcome for Corrosion Instruments, the Darwin Innovation Hub’s 2019 CrocPitch winner.