MineSense has the ability to generate thousands of data points that have never been available before.
VANCOUVER – MineSense Technologies, a pioneer in industrial IoT providing real-time, sensor-based ore data and sorting solutions for large scale mines, has closed a US$18 million equity financing to position itself for full commercial launch. Led by Prelude Ventures, the round included industry leaders Caterpillar, Mitsubishi and new investor ABB Technology Ventures (ATV). The financing, which was oversubscribed, also included existing investors Aurus Ventures, Chrysalix Venture Capital and Cycle Capital.
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 has also provided active support since the company’s 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.
The addition of ABB as a new strategic investor rounds out MineSense’s mining industry partners. “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.
MineSense’s fast, scalable, and robust mineral sensing platform creates precise, accurate, real-time grade control and ore routing decisions at the point of extraction for maximum resource conversion and metal recovery, reducing the carbon dioxide emissions and the consumption of wear materials, energy, water and reagents during the whole mining process.
Visit www.MineSense.com for more information.