AcousticEye Closes Investment Round with Funding from Sequoia Capital
November 4, 2010
LEUSDEN, The Netherlands-AcousticEye, the leader in non-invasive tube inspection solutions for the heat exchanger market, has completed its Series B investment round with funding from Sequoia Capital. The investment will be utilized to further development of the company’s breakthrough inspection technology, and to accelerate its adoption in the heat exchanger market. The company has also increased its management and sales team, and has added a Sequoia Capital representative to its Board of Directors.
"Sequoia is an excellent partner, and their backing will greatly assist the continued growth of our company,” said Tal Pechter, CEO and co-founder of AcousticEye. “Sequoia’s knowledgeable team is very familiar with the industry, and together we’ll be able to further penetrate the heat exchanger market.”
AcousticEye utilizes breakthrough acoustic-based technology to revolutionize the way companies perform heat exchanger maintenance. With AcousticEye, 100% of the 13b tubes used worldwide can be tested for defects, at a fraction of the time and expense of other testing methods. As a result, costly downtime due to failures in mission critical equipment can be avoided entirely.
“We are excited to be investors at AcousticEye. The market potential for the proprietary technology developed by AcousticEye is enormous,” said Gili Raanan, partner at Sequoia Capital. “We believe that AcousticEye’s clear value proposition will make it one of the leading nondestructive testing (NDT) vendors.”
Today, most tube inspections are conducted by standard technologies such as fiber optic or ultrasound, which require a physical traversing of a probe down the tube. The AcousticEye method is non-invasive, transmitting an acoustic wave down the tube. In seconds, the tester knows exactly what the problem is and where it is located on the tube. This method is 10 times faster than other methods. AcousticEye’s testing device allows all types of tubes to be inspected, regardless of their material, shape, or configuration. In addition, the signal analysis is completely automatic and performed by advanced software algorithms.