Plotlogic, a mining technology start-up, has raised $25 million to support its OreSense geological mapping technology, benefitting customers such as BHP, Anglo American and Glencore.
The fundraising was led by venture capital firm Innovation Endeavours – owned by former Google chief executive Eric Schmidt – and BHP’s dedicated venture capital business unit, BHP Ventures.
Innovation Endeavours recognised Plotlogic’s desire to revolutionise the mining industry with sustainably focussed technology, according to partner Sam Smith-Eppsteiner.
“By bringing a new data modality to bear, Plotlogic generates precise, real-time, and predictive ore body knowledge,” she said.
“Early customer relationships underscore the value of such improved understanding: optimised operations, reduced carbon emissions and waste, and increased access to minerals critical to the energy transition like nickel, copper and manganese.”
Plotlogic was founded in Brisbane in 2018 and has already helped some of the world’s largest mines – including in the Pilbara region of Western Australia – to improve their grades and optimise mine strategies.
Plotlogic chief executive officer and co-founder Andrew Job recognised the mining industry’s desire for this kind of technology.
“The mining sector is hungry for solutions that improve safety, decrease greenhouse gas emissions, and improve profitability. And that’s exactly what Plotlogic delivers with our innovative technology,” Job said.
“Mining is a critical industry, so we’re passionate about helping make mining processes the best they can be, and we’re thrilled to be supported by so many stakeholders who share our vision to make mining more sustainable.”
Job told the Australian Financial Review that BHP had approached him to use OreSense on the Yandi iron ore mine as its grades slowed down.
“That project worked out great for us because it gave us a chance to develop our technology alongside BHP,” he told the AFR.
“Knowing what they need means we can replicate the basics across different mine sites, and concentrate on the customisable part.”