Mining-focused data solutions company MineSense Technologies announced today that it has raised $42 million, with proceeds from the financing aimed at accelerating the commercial deployment of its solutions to address growing demand for more sustainable supply chains and for energy transition-related materials.
The Series E financing round was led by J.P. Morgan Asset Management’s Sustainable Growth Equity team, launched by the firm earlier this year to invest in growth-stage private companies that drive resource efficiency and climate adaptation solutions across a range of industries. The financing also saw participation from new investor Evok Innovations, alongside existing venture investors.
Tanya Barnes, Co-Managing Partner of JPMorgan’s Sustainable Growth Equity, said:
“We are excited to invest in a technology platform that offers a data-driven decarbonization pathway for mining, which builds on the strategy of our Sustainable Growth Equity team began earlier this year.”
Based in Vancouver, MineSense provides real-time, sensor-based ore sorting for mines, aimed at improving ore grade control, operational profitability and carbon intensity across the metals mining industry. The company’s flagship solution, ShovelSense, includes a sensor installed on mining equipment to scan and estimate the grade of the material in every shovel and bucket, and it also offers BeltSense, used on conveyance at different points of the mine’s downstream operations.
Minesense is initially focused on copper, one of the key materials needed to support the transition to a low-carbon economy, with the new financing enabling the company 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.”
Minesense has experienced significant growth, with revenues tripling over the past year, and was recently recognized as one of the fastest-growing companies in North America by Deloitte.
Osei Van Horne, Co-Managing Partner of Sustainable Growth Equity, added:
“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.”