A mining technology firm has closed a multimillion dollar equity financing to become a fully commercialised business to sustainability transform the mining industry through innovation.
MineSense Technologies announced in a statement this week that it had closed a $18 million equity financing, which was made up of 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.
MineSense is a British Columbia-based company that is truly a pioneer in industrial IoT, providing real-time, sensor-based ore data and sorting solutions for large-scale mines.
Caterpillar’s investment represents the company’s second investment into MineSense.
“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”.
“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.”
2018 continues to be an incredibly strong year for MineSense as the company was also named on the 2018 Global Cleantech 100 list. The list collates the most innovative and promising solutions impacting the future of a wide range of industries.