Corrosion in oil and gas pipelines compromises their safety, resulting in catastrophic spills and billion-dollar damage. Being able to accurately measure corrosion and differentiate whether it is microbiologically induced or due to other factors is essential to knowing how to properly treat it.
The team at Corrolytics, a Bounce Technology Incubator client, has developed groundbreaking test kit technology that enables the detection and monitoring of corrosion in industrial assets. The technology quantifies microbial corrosion onsite and in real-time, differentiating it from other types of corrosion. Determining corrosion types is crucial to preventing damage, enhancing infrastructure safety and improving environmental outcomes. This technology can determine the effectiveness of a client’s mitigation strategy, saving time and money.
As the CEO and co-founder of Corrolytics, Anwar Sadek, Ph.D., has been immersed in the northeast Ohio startup ecosystem throughout his entrepreneurial journey to gain additional insight and support for the company.
As a Bounce Technology Incubator client, Dr. Sadek has been paired with entrepreneur in residence Gene Groys for ongoing guidance in managing his business. Bounce also provides him with marketing support, legal resources and help with pitching to potential funders, as well as a business address and access to co-working and office space.
In addition, he has a 1,000-square-foot lab at Cleveland State University, set up with the equipment and infrastructure he needs to serve customers across the country. He has taken advantage of additional business support from Bounce partners JumpStart and MAGNET, both located in Cleveland.
Scaling up for demand
Corrolytics has completed a fully validated prototype using real-world samples and will work with customers in two distinct ways.
“We will be able to perform an in-depth analysis of testing samples from industrial assets that clients ship to our lab, but our primary revenue generator will be selling test kits to be used onsite by clients,” Dr. Sadek said. “We currently have three lab customers and five partners who are ready to pilot our test kits in Q3 2023.
We are going to digitize and revolutionize how corrosion is monitored in the oil and gas industry.”
The tech will also support other industries, such as food and beverage, chemical, nuclear, bio-fuels, water treatment and production, and pulp and paper processing. He’s already working with Cleveland-based Sherwin-Williams to provide laboratory testing capabilities.
“The demand is a good problem to have, but we weren’t prepared for the level of interest from potential customers and needed more testing equipment,” he said. “While it’s important to focus on your core market, it’s always good to explore adjacent market sectors ahead of time.”
Navigating entrepreneurial challenges
Other challenges have been in preparation for fundraising .The company has raised about $500,000 non-dilutive funding and is making pitches for a seed round.
“Bounce has been vital in establishing financial projections, and providing foundational support to prepare pitches specific to other regions,” he said. “They’ve also assisted with marketing support, including an executive overview, business cards and website,” he said.
Although Dr. Sadek has gained confidence and found a pathway to entrepreneurship, there are still challenges in moving from a scientist to an entrepreneur, for which he is receiving tremendous assistance from the entrepreneurial ecosystem of northeast Ohio.
“Thankfully, there is help in the region and I encourage other tech entrepreneurs to seek it out. It is everywhere in northeast Ohio,” he said.
He also encourages other entrepreneurs to be persistent, have faith and create a strong team, seeking out talent that supports your vision and timeline.
“Through my experiences, I realized that conducting customer discovery in advance is crucial, regardless of how impressive the technology may be. This process has enabled me to identify and address pain points that our customers face, thus advancing in the right direction for the development and refinement of our products and services,” he said. “Additionally, having a strong team that believes in your vision is a must-have for any startup development.”
To learn more about Corrolytics, please visit https://corrolytics.com/
About the author:
Jill Wodtley, APR, is a freelance writer and Fine Point Public Relations and Advertising owner. An accredited member of the Public Relations Society of America, she develops and implements marketing communications, public relations and advertising initiatives for a variety of clients, ranging from health care and social service agencies to industrial/manufacturing firms.