MineSense Technologies, a Canada-based supplier of data analytics technology for the mining industry, has closed C$19m ($14.5m) in financing from investors including mining and construction equipment maker Caterpillar.
Aurus Ventures, a branch of Chile-based investment firm Aurus, led the round, which included Chrysalix Venture Capital, Cycle Capital Management, Prelude Ventures and export credit agency Export Development Canada (EDC). Caterpillar invested through its corporate venturing arm, Caterpillar Ventures.
MineSense has developed a system that integrates directly with existing mining shovels and conveyers, and which users sensors and data analytics software to generate information in real time about the ore that is being mined.
Jim Hawkins, Caterpillar’s managing director of mining technology, said: “Ore grade control has a significant impact on revenue for mining companies. The goal of Caterpillar’s relationship with MineSense is to take our customers’ grade control to the next level.
“MineSense’s technology improves ore-waste classification to optimise value. This investment is another example of Caterpillar’s focus on bringing new technology to mining.”
The new funding follows a “multimillion dollar” series B round in mid-2015 that was led by Prelude Ventures and backed by EDC, Cycle Capital and series A investor Chrysalix.