{"id":7069,"date":"2015-06-03T16:44:45","date_gmt":"2015-06-03T20:44:45","guid":{"rendered":"https:\/\/cyclecapital.creatures.ca\/2015\/06\/03\/minesense-technologies-closes-multi-million-dollar-series-b-financing\/"},"modified":"2015-06-03T16:44:45","modified_gmt":"2015-06-03T20:44:45","slug":"minesense-technologies-closes-multi-million-dollar-series-b-financing","status":"publish","type":"post","link":"https:\/\/cyclecapital.com\/en\/2015\/06\/03\/minesense-technologies-closes-multi-million-dollar-series-b-financing\/","title":{"rendered":"MineSense Technologies Closes Multi-Million Dollar Series B Financing"},"content":{"rendered":"
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\nPrelude Ventures leads fully subscribed round as Company works to commercialize its customer-validated, sensor-based ore sorting systems\u00a0designed to increase resource extraction & metal recovery while reducing costs & environmental impact<\/em><\/strong><\/p>\n

MineSense\u2122 Technologies Ltd<\/strong>,<\/a>\u00a0a pioneer in real-time, sensor-based bulk ore sorting solutions, today announced the final closing of a multi-million dollar Series B financing. The fully\u00a0subscribed round was led by San Francisco-based Prelude Ventures <\/strong><\/a>and joined by\u00a0Export Development Canada (EDC)<\/a><\/strong>,\u00a0Cycle Capital Management<\/strong>,<\/a> and initial investor\u00a0Chrysalix Energy Venture Capital<\/strong>.<\/a> This marks a significant funding round for a mining technology company and\u00a0comes on the heels of customer-funded field trials with one of the world\u2019s largest mining companies.<\/p>\n

\u201cWith fewer and lower grade deposits available and declining metal prices, the global mining industry is desperately seeking efficiencies to offset\u00a0escalating costs and resulting margin squeeze,\u201d said Tim Woodward, Managing Director of Prelude Ventures<\/strong>. \u201cThe right technical\u00a0innovations can drive operational efficiency.<\/p>\n

MineSense specifically targets one of the largest operating expenses for a mine \u2013 the cost of energy to crush waste rock \u2013 and can significantly\u00a0optimize a mine\u2019s current ore extraction and metal recovery processes, while greatly reducing its energy footprint with a system payback in the order\u00a0of months.\u201d<\/p>\n

MineSense has developed a fast, scalable, and robust mineral sensing platform that integrates with shovel and belt-based material handling equipment to\u00a0provide precise, accurate, real-time grade control and ore routing decisions at the point of extraction for maximum resource conversion and metal\u00a0recovery. With its unprecedented sensitivity, range, and speed and based on early pilot test results,
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\nthe MineSense Solution promises to increase the accuracy of ore\/waste classification by over 50% providing up to 20% margin enhancement through\u00a0reduced energy, water, and chemical usage.
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\nFirst products include ShovelSense\u2122 which retrofits onto existing shovels providing a novel configuration for bulk ore classification and sorting for\u00a0surface applications, and SortOre\u2122, a semi-bulk sorting solution providing a second stage of ore recovery or waste rejection at even finer resolution\u00a0where required.\u201cMineSense\u2019s bulk sorting solutions ensure the transport of only high value ore to downstream processes, improving extraction and recovery whilereducing overall costs to the operation,\u201d stated\u00a0MineSense Chairman Ian Pearce, Partner at X2 Resources, past Chair of the Mining Association of Canada, and former CEO of Xstrata Nickel.<\/p>\n

\u201cIt\u2019s about addressing quality issues upstream of these more cost-intensive processes, the impact of which reduces energy and water requirements, an\u00a0aspect that is becoming ever more important to mining companies and communities at large.\u201d<\/p>\n<\/div>\n

With over six billion tonnes of rock moved annually and mining companies spending over $100 billion on capital expenditures and over $150 billion on\u00a0energy, MineSense\u2019s pre-concentration solution specifically addresses resource- intensive mining and milling operations ensuring the \u201cright\u201d material gets\u00a0to the \u201cright\u201d destination.<\/p>\n

According to new investor, Annie Theriault of Export Development Canada<\/strong>, \u201cWe are proud to have secured an investment in a Canadian\u00a0technology company with the potential to optimize mining operations and realize tremendous energy savings at the industry level. Mining is crucial to the\u00a0Canadian economy and MineSense has developed a technology that has the potential to bring fundamental change to a sector in need of innovation.\u201d<\/p>\n

\u201cMineSense\u2019s technology makes it possible to generate profits from what is actually considered \u2018waste\u2019 in the mining industry. With a more efficient\u00a0sorting solution, mining companies realize energy savings, maximize metal recovery, and reduce the impact of ore extraction on the environment while\u00a0increasing their margins \u2013 a major driver in this industry. For all those reasons Cycle Capital is proud to be a new partner\u201d, said\u00a0Andr\u00e9e-Lise M\u00e9thot, Founder and Managing Partner at Cycle Capital<\/strong>.<\/p>\n

Adds MineSense CEO & Founder, Andrew Bamber<\/strong>, \u201cSince our Series A funding in spring 2013, we have made significant progress against\u00a0pre-set milestones including critical product development and market de-risking. For example, we advanced and deployed our ShovelSense and SortOre products\u00a0into customer-funded field trials in Canada and South America, and we were able to verify our cost and revenue-related claims in the process. This outside\u00a0validation combined with our ability to harness the \u2018Industrial Internet\u2019 and \u2018Big Data\u2019 technologies has attracted a Series B syndicate of strategic\u00a0investors we look forward to working alongside as we move towards product commercialization in 2016. In the nearer term, we\u2019re looking to expand customer\u00a0field trials beyond this first essential partnership.\u201d<\/p>\n

To learn more about the MineSense Solution or to enquire about a field trial, please email info@minesense.com <\/strong><\/a>or call +1 604 987 9999.<\/em><\/p>\n

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About MineSense Technologies<\/strong><\/p>\n

MineSense is a pioneer in real-time, sensor-based bulk ore sorting solutions for large-scale, low-grade base and precious metal mines. The Company\u2019s fast,\u00a0scalable, and robust mineral sensing platform integrates with shovel and belt-based material handling equipment to provide precise, accurate, real-time\u00a0grade control and ore routing decisions at the point of extraction for maximum resource conversion and metal recovery. By optimizing current practices this\u00a0way, MineSense now makes the mining of low-grade ores economically viable while improving a mining company\u2019s bottom line and overall sustainability. For\u00a0more information, please visit www.minesense.com<\/strong>.<\/a><\/p>\n

Media Contact:<\/em><\/p>\n

Kristina Lee<\/p>\n

Magnolia Marketing Communications (778) 999-8562<\/p>\n

klee@magnoliamc.com<\/a><\/p>\n

 <\/p>\n

Get the PDF version of the release<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Prelude Ventures leads fully subscribed round as Company works to commercialize its customer-validated, sensor-based ore sorting systems\u00a0designed to increase resource extraction & metal recovery while reducing costs & environmental impact MineSense\u2122 Technologies Ltd,\u00a0a pioneer in real-time, sensor-based bulk ore sorting solutions, today announced the final closing of a multi-million dollar Series B financing. The fully\u00a0subscribed […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7069","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/cyclecapital.com\/en\/wp-json\/wp\/v2\/posts\/7069","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cyclecapital.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cyclecapital.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cyclecapital.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cyclecapital.com\/en\/wp-json\/wp\/v2\/comments?post=7069"}],"version-history":[{"count":0,"href":"https:\/\/cyclecapital.com\/en\/wp-json\/wp\/v2\/posts\/7069\/revisions"}],"wp:attachment":[{"href":"https:\/\/cyclecapital.com\/en\/wp-json\/wp\/v2\/media?parent=7069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cyclecapital.com\/en\/wp-json\/wp\/v2\/categories?post=7069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cyclecapital.com\/en\/wp-json\/wp\/v2\/tags?post=7069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}