Applied Impact Robotics ropes in investment from Chrysalix VC

Chrysalix Venture Capital, a global VC fund with a legacy of commercialization of resource-intensive industries, reportedly announced an investment in Applied Impact Robotics (AIR), a solution developer for the maintenance and inspection of above-ground storage tanks.

AIR’s offered solutions enhance safety, reduces costs, and minimizes shutdown times, thereby becoming an efficient alternative to human entry. The innovative solution is based on biomimicry technology. It uses pneumatic vibrations for performing seamless operations under different sludge conditions which would previously need an offline tank cleaning procedure before an inspection.

Chrysalix Venture Capital partner, Alfred Lam stated that there are over 45,000 heavy crude tanks across the world and over 10% are inspected each year. He further added that it is a great opportunity for the in-service solution with an out-of-service turnaround costing USD 2 million per tank on average.

CEO of Applied Impact Robotics, Fred Briggs expressed that it is exciting to see the company’s original robotic solution concept from the Petronas Incentive Challenge becoming a reality. He further added that AIR is delighted to collaborate with Petronas and Chrysalix in building future facilities.

Chrysalix partnered with Petronas in 2019 to launch an incentive challenge for tank inspection on the HeroX platform. The contest garnered immense global attention, with 50 teams from around the world participating in the competition.

Experts from Petronas, Chrysalix, RoboValley and Sprint Robotics formed the panel of judges. They reviewed all the entries and chose AIR as the winner and the solution having immense growth potential, thereby gaining a pre-seed investment of USD 250,000.

The RoboValley Fund offered by Chrysalix is assigned to intelligent systems based on IoT, sensor, and AI technologies for achieving substantial enhancements in the processes of critical business and productivity. Fortune 500 companies, financial institutions, universities, family offices, and leading corporates are some of the investors in the fund.

Source Credits:

https://www.globenewswire.com/news-release/2021/06/14/2246331/0/en/Chrysalix-RoboValley-Fund-Invests-in-Applied-Impact-Robotics-Developers-of-an-Automated-Inspection-Solution-for-Capital-Intensive-Infrastructure.html