Heat exchanger testing co AcousticEye raises $6m

Non-invasive heat exchanger tube inspection company AcousticEye Inc. has raised $6 million in its second financing round from Israel Cleantech Ventures Funds and Sequoia Capital. The company will use the proceeds for R&D and global commercialization of its solutions.

AcousticEye has developed Acoustic Pulse Reflectometry (APR) technology for non-destructive testing of heat exchangers and boilers tubes. The company's Dolphin G3 system can inspect boilers, fin fans, and other heat exchangers regardless of tube shape or material. In March, the company said that it had sold more than 50 of its systems. Founded in 2005, it is headquartered in The Netherlands, has a development center in Israel, and offices across the US and Europe.

AcousticEye CEO Yoav Harel said, “Our system has been utilized in many of the industry’s most challenging jobs, inspecting hundreds of thousands of tubes with accurate results and speed that are impossible using today’s conventional techniques. With our technology approach now validated in the industry, we are intently focused on achieving next stage growth that will firmly establish AcousticEye as a game-changing solution provider."

ICV venture associate Matan Friedman said, "AcousticEye has introduced a disruptive technology for tube inspection that delivers major advantages for users to significantly reduce operational costs and contribute directly to improved profitability."

Sequoia general partner Gili Raanan added, “We back companies that are transforming their industries. AcousticEye… is well placed to make tube inspection more efficient and affordable for many more companies around the world."

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