Plotlogic raises cash for push into minining technology

US and Australian venture capital climate and sustainability heavyweights have led a $US28 million Series B funding round for deep-tech mining company Plotlogic.

In the five years since its inception, Queensland-based Plotlogic has fast become a leader in ore characterisation.

Their technology helps customers, including BHP, Vale, South32 and leading lithium company Pilbara Minerals, increase output and reduce waste.

Its proprietary OreSense technology combines a sensor stack and artificial intelligence (AI) to scan core samples, chips and terrain including mine faces, stockpiles, heavy vehicle loads and plant feed in real-time, generating highly accurate ore characterisation predictions enabling miners to increase extraction of critical minerals and metals.

By enhancing grade control methods and identifying problematic ore and deleterious materials as well as optimising plant uptime, Plotlogic’s technology effectively reduces costs and energy usage for every tonne mined and processed.

Galvanize Climate Solutions and SE Ventures which backed by French energy and automation company Schneider Electric, co-led the round.

Existing investors Innovation Endeavors, DCVC, Bentley iTwin Ventures and GRIDS Capital also supported the raise, as did CSIRO backed Main Sequence.

Main Sequence Partner Mike Zimmerman said Plotlogic was a natural fit to be one of its first investments in its newly launched Main Sequence Three fund.

Zimmerman said: “The mining industry will play an essential role in decarbonising our planet, both in terms of the critical minerals and metals that are required for the electrification of industry, as well as the opportunity to move the needle on energy consumed per unit of production through the use of innovative science and technology.

“Plotlogic, our first investment at the intersection of our Decarbonisation and Industrial Productivity Challenges, offers a compelling solution that will help move the industry forward on both fronts.”

Plotlogic has seen significant success with its single-application deployments of OreSense, and is planning to use the new funding to broaden its platform across a greater number of touchpoints, bolster commercialisation, invest in additional research and development and continue to expand into North America.

Founder and CEO Dr Andrew Job said: “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.”

Dr Job said discovering new deposits was a challenging task and the development of mines can take up to 17 years, pushing us well into the 2030s before we see any kind of transformation in the supply of minerals required for a net-zero future.

“Plotlogic is actively contributing to the pursuit of a clean energy future by enabling existing mines to extract every vestige of value right now in an environmentally sensitive way.

“We developed the OreSense technology with the firm belief that mining should be able to generate the resources society needs without harming the planet.

“The feedback from our customers is that we are delivering on that vision.”

Picture: Plotlogic Founder and CEO Andrew Job