MineSense Technologies Funding, Investors & Competitors

MineSense Technologies has raised $120M across 11 funding rounds, most recently a $42M Series E in December 2022.

Last MineSense Technologies funding round

$42M

Series E · Dec 2022

Cumulative funding MineSense Technologies raised

$120M

across 11 funding rounds

Key investors in MineSense Technologies

  • Chrysalix Venture Capital
  • Prelude Ventures
  • Cycle Capital
  • Export Development Canada
  • Aurus
  • BDC Capital
  • Mitsubishi
  • Caterpillar Ventures

MineSense Technologies Overview

About MineSense Technologies

MineSense Technologies is a Vancouver-headquartered developer of sensor-based ore sorting systems for mining operations. Founded in 2008, the platform uses hyperspectral imaging and machine learning to analyze mineral grades in real-time, boosting recovery rates by up to 10 percent at copper and gold mines. Deployed at sites in Canada, Australia, and Chile, it processes thousands of tonnes per hour.


Founded

2008

HQ

CanadaVancouver

Status

Privately held

Customer focus

B2B

Revenue model

Product sales, Subscription

MineSense Technologies Funding History

MineSense Technologies has raised a total of $120M across 11 funding rounds.

MineSense Technologies' first fundraising round was a $2M Series A in March 2013. The most recent completed round was a $42M Series E in December 2022.

MineSense Technologies funding rounds

MineSense Technologies funding rounds
DateStageInvestorsRaisedDeal Summary
Dec 2022Series EJPMorgan Asset Management (lead); Cycle Capital; Evok Innovations; Prelude Ventures; BDC Capital; Chrysalix Venture Capital$42MMineSense Technologies Ltd., a Vancouver-based company, develops data-driven solutions including ShovelSense® and BeltSense® hardware, a digital platform, and geoscientific insights to improve ore grade control, operational profitability, and carbon intensity in the metals mining industry, with an initial focus on copper mining. The company provides real-time, sensor-based ore data and sorting solutions that enable mines to increase metal recovery by 5% to 25% on existing infrastructure, serving operations across Canada, Chile, and Peru. MineSense targets critical metals essential for the low-carbon economy transition, such as copper, nickel, cobalt, zinc, and iron. On December 7, 2022, MineSense closed a US$42 million Series E financing round led by J.P. Morgan Asset Management’s Sustainable Growth Equity team, with participation from new investor Evok Innovations and existing investors BDC Industrial Innovation Venture Fund, Chrysalix Venture Capital, Cycle Capital, and Prelude Ventures. The funding aims to accelerate commercial deployment of its technologies, expand global coverage, and drive growth and profitability. The company reported tripling its revenue over the past year prior to the round and achieved 3,154% revenue growth between 2018 and 2021, earning recognition as one of North America's fastest-growing companies in Deloitte’s Technology Fast50 Clean Technology category and inclusion in the 2022 Global Cleantech 100. MineSense's technologies help mining companies maximize ore recovery, minimize dilution, reduce waste, shrink site footprints, and lower water consumption, addressing sustainability demands in mineral supply chains for electrification and energy storage.
Mar 2020SeedBDC Capital$3MMineSense Technologies develops sensor technology for real-time bulk ore sorting in mining, primarily for copper, zinc, and nickel, to improve ore grade control, reduce waste, and enhance profitability and sustainability. The company closed a US$25 million equity financing in early 2020 led by BDC’s Industrial Innovation Venture Fund to ramp up commercialization and expand globally, including deployments at Teck’s Highland Valley Copper and Copper Mountain mines. A separate $3.15M unattributed VC round occurred on March 31, 2020, with investors including Chrysalix Venture Capital, Cycle Capital, Opus Capital, and Prelude Ventures. MineSense continued raising capital in later rounds, such as an $18M Series E-II in 2018 and a $42M Series E-III in December 2022 led by J.P. Morgan. BDC Capital supports innovative Canadian firms like MineSense through its venture investments.
Aug 2018Series DPrelude Ventures (lead); Cycle Capital; Caterpillar; Mitsubishi; ABB Ventures; Aurus; Chrysalix Venture Capital$18M-
Feb 2018SeedMitsubishi (lead)$4MMineSense Technologies, a Vancouver-based pioneer in industrial IoT, develops real-time, sensor-based ore data and sorting solutions for large-scale mines to enable precise grade control and ore routing at the point of extraction. The technology aims to maximize resource conversion and metal recovery while reducing CO2 emissions, energy, water, and reagent consumption. In February 2018, MineSense announced a US$4 million investment from Mitsubishi Corporation in the form of a convertible bond to accelerate development of its digital offerings and expansion into key mining regions worldwide. Mitsubishi Corporation, keen on digitalizing the mining industry, viewed MineSense's technology as key to adding value for mining customers. This investment converted to equity in MineSense's subsequent US$18 million equity financing round closed in August 2018, led by Prelude Ventures with participation from Caterpillar, Mitsubishi Corporation, and ABB Technology Ventures to drive full commercial launch.
Feb 2017Series CAurus (lead); Caterpillar Ventures (lead); Cycle Capital; Export Development Canada; Prelude Ventures; Chrysalix Venture Capital$19M-
Dec 2016Seed-$4MMineSense Technologies, a Vancouver-based company, develops real-time sensor-based ore sorting solutions for mining operations, focusing on improving metal recovery and reducing waste. The company conducted customer-funded field trials in Canada and South America to validate its ShovelSense and SortOre products. Around late 2016 to early 2017, MineSense closed a C$19 million financing round with investors including Aurus Ventures and Caterpillar Ventures, aimed at commercialization efforts. Field trials demonstrated potential to improve mine bottom lines by $20 to $200 million annually.
Oct 2016Series BAurus (lead); Cycle Capital; Export Development Canada; Prelude Ventures; Caterpillar Ventures; Chrysalix Venture Capital$12MMineSense Technologies raised C$19M (approximately $19M) in a financing round closed in February 2017, led by Aurus Ventures and Caterpillar Ventures, with participation from Chrysalix Venture Capital, Cycle Capital, and others including Export Development Canada. The funds supported commercialization efforts following field trials demonstrating potential annual bottom-line improvements of $20 to $200 million at a single mine. MineSense develops a technology platform for real-time ore grade control in mining operations, integrating into shovels and conveyors for sorting and planning to optimize production and reduce resource consumption.
Feb 2016SeedPrelude Ventures (lead); Cycle Capital; Export Development Canada; Chrysalix Venture Capital$2M-
Jun 2015Series BPrelude Ventures (lead); Cycle Capital; Export Development Canada; Chrysalix Venture Capital$7MMineSense Technologies is a pioneer in real-time, sensor-based bulk ore sorting solutions for large-scale, low-grade base and precious metal mines. The company’s mineral sensing platform integrates with shovel and belt-based material handling equipment to provide precise, real-time grade control and ore routing decisions at the point of extraction, maximizing resource conversion and metal recovery while optimizing energy costs for crushing waste rock. In June 2015, MineSense closed a fully subscribed multi-million dollar Series B financing round led by Prelude Ventures, with participation from Export Development Canada, Cycle Capital Management, and initial investor Chrysalix Energy Venture Capital. The funding supports advancement toward product commercialization in 2016, following customer-funded field trials of ShovelSense and SortOre products in Canada and South America that verified cost and revenue-related claims. Since its Series A funding in spring 2013, MineSense progressed on product development and market de-risking, leveraging Industrial Internet and Big Data technologies.
Dec 2014Series BChrysalix Venture Capital (lead)$7MMineSense Technologies is a mining technology company that develops sensor-based data analytics and ore sorting solutions. The company uses high-frequency electromagnetic sensor technology to measure ore grade in real-time and integrates with mining equipment such as shovels, conveyors, and chutes to enable ore pre-concentration and sorting. MineSense closed a multi-million dollar Series B financing in December 2014 led by Prelude Ventures, with participation from Export Development Canada (EDC), Cycle Capital, and initial investor Chrysalix Energy Venture Capital. The financing was fully subscribed and came on the heels of customer-validated field trials with one of the world's largest mining companies. MineSense's products include ShovelSense, which retrofits onto existing shovels for bulk ore classification and sorting in surface applications, and SortOre, a semi-bulk sorting solution for finer-resolution ore recovery or waste rejection.
Mar 2013Series AChrysalix Venture Capital (lead)$2M-

Who has invested in MineSense Technologies?

12 investors have backed MineSense Technologies across its funding rounds, including Chrysalix Venture Capital, Prelude Ventures, Cycle Capital, Export Development Canada, Aurus and BDC Capital.

Lead investors include JPMorgan Asset Management, Prelude Ventures, Mitsubishi, Aurus, Caterpillar Ventures and 1 other investor.


MineSense Technologies Investors

Investors in MineSense Technologies by funding rounds participated
InvestorHQRoundsRoleFirst check
Chrysalix Venture CapitalCanadaVancouver8LeadMar 2013
Cycle CapitalCanadaMontreal6ParticipantJun 2015
Prelude VenturesUnited StatesSan Francisco, CA6LeadJun 2015
Export Development CanadaCanadaOttawa4ParticipantJun 2015
AurusChileSantiago3LeadOct 2016
MitsubishiJapanTokyo2LeadFeb 2018
BDC CapitalCanadaMontreal2ParticipantMar 2020
Caterpillar VenturesUnited StatesSan Francisco, CA2LeadOct 2016
JPMorgan Asset ManagementUnited StatesNew York1LeadDec 2022
CaterpillarUnited StatesPeoria, IL1ParticipantAug 2018

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MineSense Technologies Competitors

MineSense Technologies competitors include listed companies like Cadence Design Systems, Autodesk, Constellation Software and Dassault Systemes, and private ones like Celonis and Temporal Technologies.

Public and private companies comparable to MineSense Technologies
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Cadence Design SystemsUnited StatesUnited StatesPublicly listed$5.3B$1.8B$77B13.0x
AutodeskUnited StatesUnited StatesPublicly listed$7.2B$1.8B$46B5.7x
Constellation SoftwareCanadaCanadaPublicly listed$12B$2.5B$43B3.5x
Dassault SystemesFranceFrancePublicly listed$7.2B$2.2B$32B4.0x
CelonisGermanyMunichPrivate$400M-$13B32.5x
Temporal TechnologiesUnited StatesSeattle, WAPrivate$250M-$13B50.2x

MineSense Technologies Public Comps

MineSense Technologies is still privately-owned, but its public comps include Rio Tinto, BHP Group, Southern Copper, Rio Tinto UK, Newmont, Zijin Mining, Agnico Eagle, Freeport-McMoRan, Grupo México and Howmet Aerospace.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Rio Tinto$58B$23B5.5x5.1x13.8x11.5x
BHP Group$59B$30B4.0x4.0x7.8x7.2x
Southern Copper$13B$7.8B12.4x10.4x21.3x16.4x
Rio Tinto UK$58B$23B3.1x2.9x7.7x6.4x
Newmont$23B$14B5.6x5.0x9.2x7.8x
Zijin Mining$52B$15B2.7x2.2x9.6x7.4x
Agnico Eagle$12B$8.5B8.3x6.9x11.7x10.0x
Freeport-McMoRan$26B$9B4.6x4.2x13.4x10.3x

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Common questions about MineSense Technologies

When was MineSense Technologies founded?MineSense Technologies was founded in 2008.
Where is MineSense Technologies headquartered?MineSense Technologies is headquartered in Vancouver, Canada.
Is MineSense Technologies publicly listed?No, MineSense Technologies is a private, VC-backed company.
How much funding has MineSense Technologies raised?MineSense Technologies has raised $120M across 11 funding rounds.
What was MineSense Technologies' last funding round?MineSense Technologies' last funding round was a $42M Series E in December 2022, led by JPMorgan Asset Management.
Who are MineSense Technologies' investors?MineSense Technologies' investors include Chrysalix Venture Capital, Cycle Capital, Prelude Ventures, Export Development Canada, Aurus, Mitsubishi, BDC Capital, Caterpillar Ventures, JPMorgan Asset Management, Caterpillar and 2 others.
Which companies are comparable to MineSense Technologies?Companies comparable to MineSense Technologies include Cadence Design Systems, Autodesk, Constellation Software, Dassault Systemes, Celonis and Temporal Technologies.

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