MineSense Technologies, the Canada-based creator of a mining data platform, has completed an $18m funding round backed by construction equipment maker Caterpillar, automotive manufacturer Mitsubishi and power and automation technology producer ABB.
Prelude Ventures led the oversubscribed round, which included fellow venture capital firms Aurus Ventures, Chrysalix Venture Capital and Cycle Capital, with ABB participating through its corporate venturing vehicle, ABB Technology Ventures.
MineSense has created a connected device that uses sensors to generate data on mineral deposits in large mines. The latest round will support the commercial launch of the technology.
The company disclosed $4m convertible bond financing from Mitsubishi in February 2018, and that finance was converted to equity in the latest round.
Caterpillar’s investment arm, Caterpillar Ventures, took part in a $14.5m round for MineSense in February 2017 that was led by Aurus Ventures and backed by Chrysalix Venture Capital, Cycle Capital, Prelude Ventures and Export Development Canada (EDC).
Prelude Ventures, Cycle Capital, Chrysalix and EDC had previously participated in a round of undisclosed size for MineSense in 2015, which was followed by $950,000 in debt financing and $3.9m in equity funding in late 2016 according to securities filings.
The company had initially raised $2.5m from Chrysalix in 2013 before adding another $4.8m from undisclosed investors the following year.