MineSense Technologies Closes Equity Financing
MineSense Technologies closed $18 million USD in 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.
"We are very pleased to have received this strong financial backing from our existing and new investors," said Jeff More, CEO, MineSense. "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."
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 Tim Woodward, Managing Director, Prelude.
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, 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 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."