Québec City-based Point Laz has secured a $1.2-million CAD pre-seed round to support the production of its mine shaft scanning device.
“With this financing, we are ready to move on to the next marketing step and we are oh so proud to put Quebec’s engineering team ‘on the map.’”
Alexandre Grenier, Point Laz CEO
The round included $800,000 in equity financing led by i4 Capital Fund with participation from undisclosed investors. The other $400,000 came in the form of grants from Québec City as part of the seed capital and business acceleration component of its “Vision entrepreneuriale Québec 2026,” a plan to support business development in the city.
Point Laz said the funding will allow it to take the next steps in its growth, and that its first 10 commercial scanners, known as Lazaruss, are set to be produced and exported worldwide. The company mentioned that it’s positioning itself in Canada, the United States, South Africa, and Australia.
Founded by CEO Alexandre Grenier in 2020, Point Laz provides monitoring technology for underground mining sites meant to improve site operations and safety. The startup says its flagship Lazaruss scanner is a locally developed optical tool used to automate mine shaft inspections by generating structural and visual data of mine shaft conditions. Lazaruss also maintains a historical data log and claims it processes the collected data with artificial intelligence and a proprietary algorithm to help with planning and mine shaft maintenance.
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“Since 2020, we have been working to create a solution that will lead to safer and more profitable mines by optimizing a critical step in mining operation,” Grenier said in a statement. “With this financing, we are ready to move on to the next marketing step and we are oh so proud to put Quebec’s engineering team ‘on the map.’”
The investment from i4 Capital Fund comes exactly one year after the venture capital firm announced the first closing of its deep tech seed fund. The fund was bolstered with investments from the provincially funded Investissement Quebec, Fonds de solidarité FTQ, Teralys Capital and Fondaction, along with the i4 Capital GPs and several private investors, after it won The Quebec Seed Fund Competition, a contest organized by the Ministry of the Economy, Innovation and Energy of the Quebec government.
In an emailed statement to BetaKit, Grenier said the demand for Lazaruss has been “surprisingly good,” and that he hopes to produce, sell, and implement the scanner in 10 different mines within the next year, as well as raise a seed round.
Feature image Point Laz via its website.