MineSense Technologies, a Vancouver-based digital mining solutions provider, has secured $23.5 million (US$18 million) in its latest financing.
The round was led by U.S. venture capital firm Prelude Ventures and joined by strategic investors Caterpillar Inc, Mitsubishi Corp and new backer ABB Technology Ventures, the venture capital arm of European multinational ABB Group.
The company’s existing investors, Aurus Ventures, Chrysalix Venture Capital and Cycle Capital Management, also participated.
MineSense, founded in 2008, provides real-time, sensor-based ore data and sorting solutions for large-scale mines. President and CEO Jeff More said the funds raised will accelerate the commercialization of the company’s digital offering and support the execution of its global strategy.
MineSense closes US$ 18million financing to drive commercialization
VANCOUVER, Aug. 7, 2018 /CNW/ – MineSense Technologies has closed a US$ 18million equity financing to position itself for full commercial launch. Led by Prelude Ventures, the round included industry leaders Caterpillar, Mitsubishi Corporation and new investor ABB Technology Ventures (ATV), ABB’s strategic venture capital unit. The financing, which was oversubscribed, also included existing investors Aurus Ventures, Chrysalix Venture Capital and Cycle Capital. “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 Prelude Managing Director Tim Woodward.
The participation by Caterpillar represented a second investment by the mining equipment giant. “Ore grade control has a significant impact on the bottom line for mining companies. Caterpillar’s relationship with MineSense takes grade control to the next level,” said Jim Hawkins, Director of Mining Technology at Caterpillar. “We are very pleased with the progress MineSense has made in the last 18 months to introduce its innovative technology and are excited to support the company into the next stage”.
Mitsubishi Corporation has also provided active support since their late 2017 debt investment, converted to equity in this round. “We believe that MineSense provides a unique technology that will play a key role in adding significant value to our mining customers,” said Tatsuro Sako, General Manager for Digital Mining Development Office, Mineral Resources Investment Division. “We look forward to continuing to work with MineSense’s executive team and Board as they pursue their growth objectives.”
The addition of ABB as a new strategic investor rounds out MineSense’s mining industry partners. “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. “We look forward to working with MineSense’s team to help them expand their offering as a key component of the integrated, smart mine.”
“We are very pleased to have received this strong financial backing from our existing and new investors,” said MineSense CEO Jeff More. “This funding, coupled with strategic support from such industry leading companies, will help accelerate the commercialization of our digital offering, while better positioning us to execute our strategy to expand into key mining regions worldwide.”
About MineSense Technologies
MineSense, a British Columbia-based company recently named to the Global Cleantech 100 and winner of the Automation of Everything award, is a pioneer in industrial IoT providing real-time, sensor-based ore data and sorting solutions for large-scale mines. The Company’s fast, scalable, and robust mineral sensing platform creates transformational value by providing precise, accurate, real-time grade control and ore routing decisions at the point of extraction for maximum resource conversion and metal recovery, reducing the CO2 emissions and the consumption of wear materials, energy, water and reagents during the whole mining process. Visit www.minesense.com for more information.
For further information: Jeff More, President and CEO, +1 604 449 3780, [email protected]