Plotlogic received $28 M Series B funding co-led by Galvanize Climate Solutions, SE Ventures
Major US venture capital firms have supported Plotlogic, an Australian deep-tech mining company, in its $28 million Series B funding round.
The investment round was co-led by SE Ventures, an investment firm supported by French energy and automation giant Schneider Electric, and Galvanize Climate Solutions, a global investment firm focused on climate change that was founded by Tom Steyer and Katie Hall, according to a statement released by Plotlogic on Monday.
The statement claims that both businesses work to support innovative technologies that address significant climate change issues.
The raise was also supported by current investors Innovation Endeavors, DCVC, Bentley iTwin Ventures, and GRIDS Capital, who increased their Series A investments.
Through its recently established Main Sequence Three fund, which focuses on technologies that address significant planetary challenges, Australia’s Main Sequence Ventures—the venture capital division of the national science agency, CSIRO—participated as well.
With an eye toward expanding into North America, Plotlogic has stated that it has a bold growth plan and intends to use the Series B funding to strengthen commercialization, broaden its platform across more touchpoints, and invest in more research and development.
It stated that the company has quickly emerged as a global leader in ore characterization in the five years since its founding.
Customers that use the technology to increase output and decrease waste include BHP, Vale, South32, and Pilbara Minerals, a leading lithium company.
With the use of artificial intelligence (AI) and a sensor stack, its patented OreSense® technology scans core samples, chips, and terrain in real-time—including mine faces, stockpiles, heavy vehicle loads, and plant feed—to produce extremely accurate ore characterization predictions that let miners extract more vital minerals and metals.
The founder and CEO of Plotlogic, Dr. Andrew Job, is optimistic that the company will witness a surge in the use of OreSense® due to growing pressure on the mining sector to take on its greatest challenge to date: supplying the vital minerals needed for a sustainable future while preventing a recurrence of previous environmental damage.
“Recycling alone can only meet a fraction of the demand for essential commodities making continued mining essential,
“And sustainability in mining can be achieved through the increased adoption of advanced technologies like ours,” he said.
Additionally, he stated that it is difficult to find new deposits and that mine development can take up to 17 years, meaning that it will be well into the 2030s before the companies see any change in the availability of the minerals needed for a net-zero future.
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