Location technology startup GeoMoby has raised $3 million from multiple European investors to fund the further rollout of its technology to the mining industry.
Some major investments by French companies and individuals delivered the bulk of the raise, with additional funds from existing local shareholders as well as a strategic partner Agreement Hub, alongside a grant from METS Ignited, the Australian government-funded growth program from the Department of Industry, Science and Resources.
The money is earmarked to expanding the sales and business development teams, as well as tech engineers. The fresh capital follows a $1.25 million raise in 2021capital raising was the second successful funding round undertaken by GeoMoby. In 2021, the company raised $1.25m.
French-born founder and CEO Chris Baudia was inspired to create GeoMoby’s technology when visiting Australia more than a decade ago and hearing about an underground mine collapse where rescue efforts were hampered by not knowing, in any accurate way, where those trapped were located. Baudia knew he could develop a technology to solve that problem. He launched the business in 2013.
GeoMoby is targeting long-term contracts with Western Australian underground mining companies, but its technology can also be applied to surface mining operations and construction sites globally. Working with its strategic partner, Agreement Hub, they’re also pitching to mining and renewables companies to use the location intelligence technology to protect cultural heritage sites.
“We are extremely encouraged by the support of investors in Australia, and in Europe, and look forward to rolling out this world-leading location technology further to underground mines, initially, in Western Australia but then, as the news spreads, throughout Australia and globally,” Baudia said.
“This is a significant milestone for our company and I would also like to thank METS Ignited for their crucial support and our GeoMoby team.”
The GeoMoby device
The GeoMoby location platform also enables users to trigger alerts and actions based on predefined sets of conditions including dwell-time, body temperature, weather, real-time traffic, user profile, and more. Complex geofences (virtual geographic boundaries) can be configured to trigger customised actions when crossed.
“Australian mining companies want to keep their workers – often in remote areas – safe, and this technology is the best, most reliable way to do that right now in the world,” Baudia said.
“This latest funding now enables us to provide Australian miners with a gold standard location service and we are working hard to educate the mining sector about our cost-effective technology.”
The CEO said GeoMoby is now Australia’s most advanced location intelligence platform with a specialisation in live tracking and geofencing for the mining and construction industries.
“We provide a 360-degree view platform that helps our clients to visualise their assets – trucks, light vehicles, machines – and the most important one, people. This is done in real-time whether it be in a multi-storey building, a remote area or even deep down an underground tunnel,” he said.
“We want to make sure all workers return home safely at the end of the day. Every. Single. Day. That is what drives us forward.”
Trending
Daily startup news and insights, delivered to your inbox.