MineSense Technologies, a provider of data solutions for the mining industry, announced today that it had raised $42 million, the proceeds of which will be used to accelerate the commercial deployment of its solutions in response to the rising demand for more sustainable supply chains and energy transition-related materials.
J.P. led the Series E fundraising round. The Sustainable Growth Equity team of Morgan Asset Management, established earlier this year, invests in growth-stage private companies that push resource efficiency and climate adaptation solutions across industries. In addition to current venture investors, new investor Evok Innovations participated in the funding.
Co-Managing Partner of JPMorgan's Sustainable Growth Equity, Tanya Barnes, stated:
"We are thrilled to invest in a technology platform that provides a data-driven decarbonization pathway for mining. This investment builds on the strategy that our Sustainable Growth Equity team initiated this year."
MineSense, headquartered in Vancouver, offers sensor-based, real-time ore sorting for mines, with the goal of enhancing ore grade control, operational profitability, and carbon intensity throughout the metals mining industry. ShovelSense, the company's flagship solution, consists of a sensor installed on mining equipment to scan and estimate the grade of the material in each shovel and bucket. The company also offers BeltSense, which is utilized at various points in the mine's downstream operations for conveying materials.
Minesense is first focusing on copper, one of the essential elements required to enable the transition to a low-carbon economy, with the new funding allowing the company to expand its coverage globally and into nickel, cobalt, zinc, and iron.
Jeff More, the CEO of MineSense, said, "We are excited to work with J.P. Morgan Sustainable Growth Equity and Evok. Together, we will scale our ore-grade data mining solutions. This funding and strategic support will allow us to keep working toward our goal of helping Ning operations save money, run more efficiently, and use less carbon."
Deloitte has just identified Minesense as one of the fastest-growing firms in North America, as the company's revenues have tripled over the past year.
Co-Managing Partner of Sustainable Growth Equity Osei Van Horne added:
"MineSense exemplifies how innovative climate technology businesses are meeting the challenge of reforming industry to support the low-carbon transition. We look forward to forming a partnership with MineSense and adding value via J.P. Morgan's global client network, industry-leading research and data capabilities, and significant sustainability resources."
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