Vancouver-based MineSense, a company that provides data analytics systems for the mining industry, has closed a $23.5 million ($18 million USD) equity financing round.
The oversubscribed round was led by Prelude Ventures, with participation from Caterpillar, Mitsubishi Corporation, and ABB Technology Ventures. Existing investors Aurus Ventures, Chrysalix Venture Capital, and Cycle Capital also participated in the round.
“Prelude Ventures is very pleased to have led this latest financing in MineSense, a company with the potential to make a significant sustainability impact on an industry as critical as mining,” said Tim Woodward, managing director at Prelude Ventures.
“We look forward to working with MineSense’s team to help them expand their offering as a key component of the integrated, smart mine.”
– Brandon Spencer
MineSense’s system integrates directly into mining shovels and conveyors to provide real-time data that enables ore sorting and facilitates mine planning. The company’s mineral sensing platform provides real-time grade control and ore routing decisions when minerals are extracted without interruptions in the production cycle, which it said can reduce CO2 emissions and the consumption of wear minerals, energy, water, and reagents during the mining process.
MineSense plans to use the funding to speed up commercialization, and execute the company’s strategy to expand into mining regions around the world.
“At ABB, we are committed to driving automation and productivity in the mining industry. We are excited by the direct impact to the bottom line that the MineSense technology may provide to our customers,” said Brandon Spencer, managing director of business unit process industries at ABB Technology Ventures. “We look forward to working with MineSense’s team to help them expand their offering as a key component of the integrated, smart mine.”
Photo via Unsplash.