|Funding will accelerate development and adoption of company s innovative tube inspection technology
Leusden, The Netherlands, November 3, 2010 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 non destructive 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.
AcousticEye Ltd. was established in 2005 by Tal Pechter and Dr. Noam Amir to bring acoustic technology to the NDT (Non Destructive Testing) industry. The company develops, manufacturers, and markets mobile and embedded tube inspection devices. AcousticEye s patented (pending) technology offers accurate and rapid single point inspection of inaccessible tubes. The company s Dolphin system is unique in its ability to quickly find and accurately locate defects in complex tube systems regardless of their material, without the need for physically traversing a probe along the tubes.
About Sequoia Capital
Sequoia Capital provides venture capital funding to founders of startups who want to turn business ideas into enduring companies. As the "Entrepreneurs Behind the Entrepreneurs", Sequoia Capital's Partners have worked with innovators such as Steve Jobs of Apple Computer, Larry Ellison of Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack of Cisco Systems, Dan Warmenhoven of NetApp, Jerry Yang and David Filo of Yahoo!, Jen-Hsun Huang of NVIDIA, Michael Marks of Flextronics, Larry Page and Sergey Brin of Google, Chad Hurley and Steve Chen of YouTube, Dominic Orr and Keerti Melkote of Aruba Networks, Jonathan Kaplan of Pure Digital, Tony Hsieh of Zappos, Omar Hamoui of Admob and Steve Streit of Green Dot. To learn more about Sequoia Capital visit www.sequoiacap.com/us/energy.