Toronto-based industrial technology startup RockMass Technologies has raised C$2.5 million in a seed-stage financing. Investors included SOSV, BDC Capital and angel investors from Maple Leaf Angels and Creative Destruction Lab. Founded in 2016, RockMass provides a streamlined geotechnical data collection for underground mines and tunneling.
TORONTO, Dec. 15, 2020 /CNW/ – RockMass Technologies, an industrial tech startup that makes mining faster and safer through digital data capture solutions, has raised $2.5M CAD of Seed Round financing.
These funds will expand RockMass’s global presence, extend its product offerings to geologists and geotechnical engineers, and integrate RockMass’s tools with major software analytics players.
An environment that is more than one-kilometre underground, in pure darkness, with high humidity levels and dust, is a challenging technological environment. Visual inspection of rockface features continues to be common practice with most engineers handwriting notes from a close range, in person. The process can be time consuming and imprecise which can cost mining companies millions of dollars annually through delayed or inaccurate decision making.
RockMass’ solutions bring cutting-edge technologies such as computer vision and robotics research to create safer and more efficient mining environments. Their flagship product, the Axis Mapper, is the first handheld hardware-software tool able to digitally measure geotechnical data, such as structural orientation, underground within seconds. Access to actionable data at the point of measurement can vastly improve operational efficiencies and safety within mining operations.
RockMass’s products are used in underground mining operations around the world, including AEX Gold’s Nalunaq Project in South Greenland. “The Axis Mapper is straightforward and intuitive to use. It allows for rapid and safe data capture and Golder looks forward to using the Axis Mapper in its future projects” says Xander Gwynn, Golder’s Mining Geotechnical Lead in Europe.
“We are excited to be working with some of the largest gold and base metals producers. Our 2020 pilot program is oversubscribed and spans across Canada, USA, Brazil, Peru, and Greenland.” says CEO and Co-Founder, Shelby Yee. “The mining market remains strong, especially within the precious metals sector. Mines have needed to increase their digital footprint as they are tasked with less personnel underground while maintaining production results. We are well positioned to excel in this environment.”
To expand into a new vertical RockMass has recently partnered with a major global infrastructure company. RockMass has also partnered with Rocscience to deliver a seamless data capture-through-analysis experience.
“At Rocscience, we are always finding ways to add more value to our users through our software. One of our goals is to implement innovative features that result in more efficient and effective data analysis. This association with RockMass will certainly help to achieve both” says CEO of Rocscience, Thamer Yacoub.
This funding round brings the company’s total funding to date to $3.5M. Participants in the Seed Round include SOSV, BDC, and strategic angel investors from Maple Leaf Angels and the Creative Destruction Lab.
“BDC Capital’s Bridge Financing Program was created to bring additional capital to high potential firms impacted by COVID-19”, says Jérôme Nycz, Executive Vice President, BDC Capital. “The program has given us the opportunity to back an innovative mining company alongside other investors and to contribute to the growth of a promising tech company, helmed by a female founder”.
RockMass Founders, Shelby Yee and Matthew Gubasta, were recently selected as Forbes 30 Under 30 in Manufacturing and Industry. They are also alumni of the Creative Destruction Lab, HAX Hardware Accelerator, Next Canada, and the DMZ.
About RockMass Technologies
RockMass was founded in 2016 and is headquartered in Toronto, Canada. The company has commercialized a PhD thesis from Queen’s University. Their mission is to provide industrial operations with access to consistent and accurate geological data to reduce model uncertainty and decrease costs across a variety of industrial sectors.
Golder is an employee-owned global organization founded in 1960 with over 155 offices worldwide. Golder provides consulting, design, and construction services in specialist areas including earth, environment, and energy through technical excellence, innovative solutions, and award winning client service. Today, Golder’s clients represent the world’s major industries and drivers of development: Oil and Gas, Mining, Manufacturing, Power, and Infrastructure.
Founded in 1996, Rocscience is a world leader in developing 2D and 3D software for civil, mining, and geotechnical engineers. For over 20 years, we’ve built on leading-edge research to create the best geotechnical software available. As engineers ourselves, we know the importance of having reliable and easy-to-use software. That’s why we constantly develop and refine our programs to make expert solutions that work for you.
BDC Capital is the investment arm of BDC, Canada’s bank for entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.