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J.P. Morgan leads US$42 million MineSense funding

Published by , Editorial Assistant
Global Mining Review,

MineSense Technologies Ltd has announced that it has closed a US$42 million Series E financing led by J.P. Morgan asset management’s sustainable growth equity team, with participation from new investorEvok Innovations, a climate technology and sustainability venture fund, and existing investors including Prelude Ventures, BDC Industrial Innovation Venture Fund, Cycle Capital and Chrysalix Venture Capital.

MineSense is pioneering data-driven solutions that improve ore grade control, operational profitability and carbon intensity across the metals mining industry, with an initial focus on copper – a critical component for supporting the transition to a low-carbon economy. Mining companies are increasingly choosing MineSense’s technologies to maximise ore recovery, minimise dilution, and enhance operational sustainability.

The company has tripled revenue over the last year, and was recently recognised as one of the fastest growing companies in North America by Deloitte. MineSense will use the funding to accelerate the commercial deployment of its solutions to drive further growth and profitability. The transition to a low-carbon economy will require abundant access to sustainably-mined minerals critical for electrification, energy generation, and storage components.

As industries seek to mitigate scope 1, 2 and 3 emissions, the need for supply chains to become more sustainable, including mining operations, will grow. The global mining industry is faced with the challenge of meeting increasing demand while shifting towards more sustainable business practices.

MineSense addresses both needs with its market-leading technology that enables miners to more efficiently mine valuable ore, reduce waste, and improve downstream processing. ShovelSense® provides precise ore-waste definition and unlocks unique, previously inaccessible data sets at the mine’s extraction face.

This real-time data enables removal of waste from ore and recovers valuable ore from waste by making smart routing decisions. This reduces the amount of waste processed, production of tailings, and energy, water, and reagent consumption. Metal recovery is increased materially, with production from operating mines increasing by 5% – 25% on existing infrastructure.

MineSense currently serves mines across Canada, Chile, and Peru. Today’s fundraising will allow the company to expand its coverage globally and extend into other critical metals such as nickel, cobalt, zinc and iron.

Jeff More, CEO of MineSense, said:

“We are pleased to partner with J.P. Morgan sustainable growth equity and Evok to scale our ore grade data mining solutions. This funding and strategic support will allow us to continue executing on our strategy of delivering profit-enhancement, operational efficiency, and carbon intensity reduction to critical mining operations.”

Osei Van Horne, Co-Managing Partner of sustainable growth equity, said:

“MineSense is a distinctive example of how innovative climate technology companies are meeting the challenge of transforming industry to support the low carbon transition. We look forward to partnering with MineSense, and adding value through J.P. Morgan’s global client network, best-in-class research and data capabilities, and substantial sustainability resources.”

Tanya Barnes, Co-Managing Partner of Sustainable Growth Equity, said:

“We are excited to invest in a technology platform that offers a data-driven decarbonisation pathway for mining, which builds on the strategy of our sustainable growth equity team began earlier this year. Alongside Evok and existing investors, we will provide strategic support to MineSense as the company continues to deliver a win-win solution to customers that drives positive economic and climate outcomes.”

Marty Reed, Partner at Evok Innovations, said:

“MineSense has the type of high impact technology that we look for in an investment. And the fact that this impact is immediate and fully proven in the market makes us very excited to participate in the company’s next stage of growth.”

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