Minesense collects C$42m in JP Morgan-led Series E financing

Other investors included Evok Innovations, Prelude Ventures, BDC Industrial Innovation Venture Fund, Cycle Capital Management and Chrysalix Venture Capital.

  • MineSense, which currently serves mines across across Canada, Chile and Peru, has tripled revenue over the last year
  • The funds raised will be used by MineSense to accelerate the commercial deployment of its solutions to drive further growth and profitability
  • They will also allow the company to expand its coverage globally and extend into other critical metals such as nickel, cobalt, zinc and iron

Vancouver-based Minesense, a data solutions provider to improve ore grade management, operational efficiency and reduced carbon intensity in the mining industry, has raised C$42 million in Series E financing.

JP Morgan Asset Management’s Sustainable Growth Equity team led the round. Other investors included Evok Innovations, Prelude Ventures, BDC Industrial Innovation Venture Fund, Cycle Capital Management and Chrysalix Venture Capital.

Founded in 2008, MineSense is an industrial internet-of-things company providing real-time, sensor-based ore data and sorting solutions for large-scale mines, with an initial focus on copper. Its technology enables precise, accurate, real-time grade control and ore-routing decisions at the point of extraction for maximum resource conversion and metal recovery, reducing the CO2 emissions and the consumption of wear materials, energy, water and reagents.

MineSense, which currently serves mines across across Canada, Chile and Peru, has tripled revenue over the last year and was recently recognized as one of the fastest growing companies in North America by Deloitte.

The funds raised will be used by MineSense to accelerate the commercial deployment of its solutions to drive further growth and profitability. They will also allow the company to expand its coverage globally and extend into other critical metals such as nickel, cobalt, zinc and iron.

“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,” said Jeff More, CEO of MineSense, in a statement.

JP Morgan Sustainable Growth Equity is the sustainability-focused late-stage venture and growth equity investment arm within New York-headquartered. JP Morgan Asset Management.

Founded in 2016, Evok’ Innovation’s inaugural fund aimed to accelerate the development of critical energy transition technologies across North America. The firm is based in Vancouver.