Koch Industries acquires majority of VC-backed DarkVision

Koch Engineered Solutions, a unit of Koch Industries Inc, has acquired a majority stake in Vancouver, British Columbia-based DarkVision Technologies, a high-tech industrial imaging company.

Koch Engineered Solutions, a unit of Koch Industries, has acquired a majority stake in Vancouver, British Columbia-based DarkVision Technologies, a specialist in acoustic-based imaging solutions for industry. No financial terms were disclosed. DarkVision’s Canadian venture capital investors include BDC Capital and Evok Innovations.

PRESS RELEASE

WICHITA, Kan., May 19, 2020 /PRNewswire/ — Koch Engineered Solutions (KES), a unit of Koch Industries Inc., today announced it has acquired a majority stake in DarkVision Technologies Inc. (DarkVision) in the first step towards developing a broad asset integrity platform within KES. In conjunction with the acquisition, KES has also made a significant growth equity investment in DarkVision to fund future growth, R&D and expansion. DarkVision is an early stage industrial acoustic imaging company.

“The acquisition of DarkVision is an important step in laying the foundation for an advanced asset integrity platform within KES,” said Dave Dotson, President of KES. “DarkVision’s innovative acoustic imaging technology – along with its associated hardware and software – are poised to transform the way ultrasonic non-destructive testing is performed, and their team’s deep expertise in this area will complement KES’s existing capabilities in sensors and data analytics. Together, DarkVision and KES can provide new and enhanced services to our existing customers and begin relationships with new customers across a broad range of end-markets.”

DarkVision serves the multi-billion-dollar NDT market, which continues to grow significantly amid aging infrastructure and an increased regulatory environment. DarkVision’s high-resolution acoustic imaging technology offers significant improvements over existing ultrasonic and other imaging technologies on the market today. This creates an opportunity to use ultrasonic imaging in new applications – transforming industrial operations, providing definitive insights to operators so they can make informed decisions that ensure increased safety, reduced operating costs, increased production, and lower environmental impacts.
DarkVision’s core capabilities include in-house expertise in software (visualization and image processing), hardware (acoustic transducer arrays), and electronics (custom designs to link hardware and software). These advanced capabilities have broad applicability beyond DarkVision’s current commercial offering serving the downhole oil & gas space. Packaged into a single robust solution, DarkVision will serve customers in a variety of end-markets such as public infrastructure, energy and pipelines, power (renewables and conventional), aerospace, manufacturing, and automotive – amongst others.

“DarkVision’s advanced imaging technology is poised to transform the non-destructive testing market and bring it into the 21st century, and this deal is a testament to that,” added Stephen Robinson, CEO of DarkVision. “Joining KES and Koch Industries is an important step in the evolution of our company. KES will be a crucial partner in accelerating the growth of our products and services, as well as supporting future innovation that will add greater value in the NDT market and industrial acoustic imaging solutions we develop.”
Stinson LLP served as legal advisor to KES in this acquisition with Blake, Cassels & Graydon LLP serving as local counsel for KES. Fasken Martineau DuMoulin LLP served as legal advisor to DarkVision.

About Koch Engineered Solutions
KES provides uniquely engineered solutions in mass and heat transfer, combustion and emissions controls, filtration, separation, materials applications, automation and actuation. KES is located in Wichita, Kansas and is a subsidiary of Koch Industries, one of the largest private companies in the world. KES delivers superior value in developing, integrating, and applying innovative technical and service solutions for industrial value chains. More information is available at KochEngineeredSolutions.com.

About DarkVision
DarkVision is a high-tech industrial imaging company, based in Vancouver, Canada. The company specializes in proprietary acoustic-based imaging solutions for industry, with engineering teams that develop the entire technology stack in-house, including sensors, hardware, electronics, and software. Its initial product-line, HADES™, is an award-winning solution used by dozens of operators in the US and Canada to inspect, evaluate and assess their wells and other upstream assets. More information is available at DarkVisionTech.com.