Vancouver-based MineSense Technologies, which provides data analytics systems for the mining industry, has closed a $42 million Series E round led by J.P. Morgan Asset Management’s Sustainable Growth Equity team.
The funding also saw contributions from new investor Evok Innovations, a climate technology and sustainability venture fund, as well as existing investors Prelude Ventures, BDC Industrial Innovation Venture Fund, Cycle Capital and Chrysalix Venture Capital.
Osei Van Horne, co-managing partner of J.P. Morgan’s Sustainable Growth Equity team, has joined MineSense’s board of directors.
Founded in 2008 by Andrew Bamber, MineSense’s digital mining solutions supply real-time, sensor-based ore sorting for mines. Its flagship product, ShovelSense, is a sensor installed on mining equipment that can scan and estimate the grade of the material in every shovel and bucket.
MineSense has an initial focus on copper, which the startup says is a critical component for supporting the transition to a low-carbon economy. The company currently serves mines across Canada, Chile, and Peru.
MineSense claims it has tripled its revenue over the last year, recently being recognized as one of the fastest growing companies in North America by Deloitte’s Fast50 program under the Clean Technology category. The Vancouver startup was also named to the 2022 Global Cleantech 100.
Funds from this recent round will be allocated towards accelerating the commercial deployment of MineSense’s offerings, according to the company. It will also allow MineSense to expand its coverage globally and extend its solutions to other critical metals like nickel, cobalt, zinc, and iron.
“This funding and strategic support will allow us to continue executing on our strategy of delivering profit-enhancement, operational efficiency, and carbon intensity reduction to critical mining operations,” said Jeff More, CEO of MineSense.
After over seven years at MineSense, founding CEO Bamber left the company in 2017 to work at Bara Consulting as principal of the Americas region. He also co-founded the Centre for Innovation in Mineral Resources Engineering, hosted at the University of British Columbia. More joined MineSense in 2016 as president and CEO.
In past funding, MineSense has also raised a $19 million financing round in 2017, $18 million in equity and a $4 million contribution from SDTC in 2018 and an up to $2.95 million investment from the National Research Council of Canada Industrial Research Assistance Program last year.
Featured image courtesy MineSense.