Vrify, a mining communications startup, has announced a $6-million Series A raise that the company hopes will drive market expansion and updates to its technology platform.
Mining companies use Vrify’s 3D visualization technology and 360-degree mining site virtual tours to refine communications and help attract and secure investments.
Vrify creates 3D visualization technology and 360-degree mining site virtual tours
RCF Jolimont Innovation and Beedie Capital led the round, with participation from Tiny. The deal closed in May.
Vrify, which is based in Vancouver, serves over 130 clients across 70 countries, including mineral exploration companies Southern Cross Gold Ltd and Integra Resources, as well as major mining companies Teck and Kinross Gold.
Vrify CEO and founder Steve de Jong said the startup plans to explore artificial intelligence (AI) applications to increase efficiency for users.
As well, Vrify intends to launch what it claims would be a first-of-its-kind communication course for mining professionals. The course would highlight best practices for securing investment and guide users on how to get the most out of Vrify’s tools.
Founded in 2017, the startup currently has a staff of 60. It plans to hire for a number of roles, expanding the team’s size by 25 percent over the next year to approximately 75. Vrify is looking to expand in the areas of web development, particularly for those with 3D experience; AI, sales, and digital marketing.
Charles Gillies, director of RCF Jolimont, called Vrify’s collaboration and visualization tools easy to use, and said they are leading to significant improvements in collaboration and productive meetings.
“The tool will reduce costs, and improve understanding across the mining industry. I look forward to joining the [Vrify] Board,” Gillies said.
Vrify previously raised $13 million CAD with a number of strategic industry partners early on to help fund research and development. De Jong said the revenue model is to offer software-as-a-service (SaaS) on a business-to-business (B2B) basis, with an enterprise component.
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With the mining sector valued at $156 billion CAD, Vrify and its investors want to modernize the mining industry through technology, and capitalize on a growing market opportunity, according to de Jong.
“Vrify is on a mission to set a new standard for the way information is shared across the entire mining ecosystem, making mining investments more accessible to a wide variety of potential investors,” de Jong added. “The raise will help us redefine how deals are shared, understood, and secured through our best-in-class suite of communication tools.”
Image courtesy of Vrify