Deep-tech mining startup Plotlogic, whose mission is to improve mining to make it more sustainable, has raised an AUS$18 million Series A led by Innovation Endeavors. The round included participation from BHP Ventures, the internal venture capital division of mining giant BHP; Touchdown Ventures, the venture arm of mining software company Bentley; as well as existing investors DCVC, Baidu Ventures and GRIDS Capital. The company plans to use the capital to invest in additional research and development, bolster commercialisation, and support Plotlogic’s proprietary OreSense® Technology.
“The mining sector is hungry for solutions that improve safety, decrease greenhouse gas emissions, and improve profitability. And that’s exactly what Plotlogic delivers with our innovative technology,” said CEO and Co-Founder, Dr Andrew Job. “Mining is a critical industry, so we’re passionate about helping make mining processes the best they can be, and we’re thrilled to be supported by so many stakeholders who share our vision to make mining more sustainable.”
Founded in 2018 in Brisbane, Plotlogic helps mine operators increase output and reduce waste by identifying the location and material properties of every rock in their mine. By making the mining process more precise, Plotlogic’s technology also has the potential to significantly reduce greenhouse gas emissions.
“We’re thrilled to partner with a team that both knows mining inside and out and is ready to revolutionise the industry with technology,” said Innovation Endeavors Partner, Sam Smith-Eppsteiner. “By bringing a new data modality to bear, Plotlogic generates precise, real-time, and predictive ore body knowledge. Early customer relationships underscore the value of such improved understanding: optimised operations, reduced carbon emissions and waste, and increased access to minerals critical to the energy transition like nickel, copper and manganese. We’re keen to see Andrew and the team scale their impact with this round of financing.”
OreSense, Plotlogic’s first commercial product, combines LiDAR and hyperspectral imaging technology with advanced machine learning algorithms to deliver highly accurate ore characterisation in real time. Many of the world’s top mining companies – including BHP, Anglo American and Glencore – use OreSense to make better decisions, improve ore recovery, reduce dilution, and enhance environmental and social governance performance.
Read the article online at: https://www.globalminingreview.com/finance-business/22032022/plotlogic-announces-aus18-million-series-a-funding/