Australian deep-tech mining startup Plotlogic is on track to continue developing its OreSense technology, which helps mine operators increase output and reduce waste by identifying the location and material properties of every rock in their mine.
According to the company, by making the mining process more precise, its technology also has the potential to significantly reduce greenhouse gas emissions.
This week, Plotlogic’s project received an important boost after completing a $25 million Series A funding round led by Silicon Valley venture capital firm Innovation Endeavor.
“We’re thrilled to partner with a team that both knows mining inside and out and is ready to revolutionize the industry with technology,” Innovation Endeavors partner, Sam Smith-Eppsteiner, said in a media statement. “By bringing a new data modality to bear, Plotlogic generates precise, real-time, and predictive orebody knowledge. Early customer relationships underscore the value of such improved understanding: optimized operations, reduced carbon emissions and waste, and increased access to minerals critical to the energy transition like nickel, copper and manganese.”
OreSense is Plotlogic’s first commercial product and it combines LiDAR and hyperspectral imaging technology with advanced machine learning algorithms to deliver highly accurate ore characterization in real-time.
The startup has already partnered with BHP, Anglo American and Glencore to help them improve ore recovery, reduce dilution, and enhance their environmental and social governance performance.