Hifi Engineering announced this week it has closed a $5.4 million financing round. The round saw new investor Enbridge joining existing investor Cenovus Energy.
Hifi Engineering is a developer of fibre optic sensing technologies primarily used to monitor gas and fluid flow in pipelines and oil and gas wells.
“Hifi is very pleased to have strategic partners such as Enbridge and Cenovus who are committed to safe and environmentally responsible operations,” said Kevin Nugent, Executive Chairman of Hifi. “The strategic alignment of our three companies represents a powerful force that will accelerate the successful application of Hifi’s technology to the energy pipeline monitoring market.”
The proceeds of the financing will primarily be used to support the next phase of Hifi’s research and development involving the adaptation of the Company’s existing technology to the early detection of leaks in energy pipelines. Hifi’s existing and commercialized acoustical sensing technology has a proven track record in detecting and pinpointing leaks in oil and gas wells.
As a result of changing expectations of the pipeline industry regarding risk management, Hifi believes that the ability to continuously monitor and instantaneously detect pipeline leaks represents a significant market opportunity.