CSIRO’s venture capital arm Main Sequence Ventures has backed a Brisbane mining technology startup in a US$28 million (A$43m) Series B raise led by international investors.
Plotlogic, founded in 2018 by former mining exec and engineer Andrew Job, scans mine deposits using LiDAR (laser-based light detection and ranging) and hyperspectral imaging technology to analyse their composition. Job. built his startup concept while completing his PhD in field sensors and artificial intelligence (AI) at the University of Queensland.
OreSense, the company’s first commercial product, uses machine learning algorithms to produce ore characterisation. It is being used by global mining companies to improve ore recovery, helping mine operators increase output and reduce waste by identifying the location and material properties of every rock in their mine. That precision has the potential to reduce greenhouse gas emissions from mines.
The company’s client list includes BHP, a previous investor in Plotlogic, as well as South32, Brazil’s Vale, Glencore, South32, WA lithium specialist Pilbara Minerals and tungsten producer EQ Resources at its flagship Mt Carbine site. .
The Series B raise was co-led by US fund Galvanise Climate Solutions and French energy company Schneider Electric’s VC firm SE Ventures, supported by Main Sequence from its new $450 million Fund 3, announced last week.
In March last year, Plotlogic raised US$18 million (A$25m) in a Series A led by former Google boss Eric Schmidt’s Innovation Endeavours and BHP, with support from DCVC, which led Plotlogic’s 2021 US$5m Seed round, other existing backers Baidu Ventures and GRIDS Capital, plus Bentley iTwin Ventures.