Despite ongoing rate hikes making cheap money harder to come by, MineSense Technologies Ltd. is still digging up hefty amounts of venture capital.
The Vancouver-based company revealed Tuesday the close of a $42-million financing round led by investor J.P. Morgan Asset Management.
MineSense is best known delivering data to miners to help remove waste from ore as well as recover valuable ore from waste.
It cut its teeth developing sensor technology to quantify metal or coal content in rock, which would allow mining companies to pre-sort ore and eliminate mountains of waste, while shrinking mine site footprints and reducing water consumption.
Its main focus for now is copper mining.
BIV has reached out to MineSense and will update the story upon hearing back.
The company says it has tripled its revenue over the past year and will be using the fresh capital to accelerate the commercial deployment of its sensors.
Investors participating in the funding round include Evok Innovations, Prelude Ventures, BDC Industrial Innovation Venture Fund, Cycle Capital and Chrysalix Venture Capital.
“MineSense has the type of high impact technology that we look for in an investment. And the fact that this impact is immediate and fully proven in the market makes us very excited to participate in the company’s next stage of growth,” said Evok Innovations partner Marty Reed said in a statement.
—With a file from Nelson Bennett