Brisbane mining firm scoops up funds from technology ‘royalty’
A Brisbane mining technology company has tapped into a rich vein of Silicon Valley venture capital and some famous names for $25 million.
Plotlogic founder and chief executive Andrew Job
Plotlogic’s venture capital raising was led by Innovation Endeavors, which was founded by Google founder Eric Schmidt.
There was no disclosure of how much the fund took in the capital raising but it was likely to be a sizeable chunk.
The funds will be used for research and development of Plotlogic’s technology which identifies and locates the properties of the rock in a mine, which potentially leads to more efficient mining.
The company said it had already worked with the likes of Glencore, BHP and Anglo.
Chief executive and founder Andrew Job said he was thrilled to get the support and Innovation Endevours said it was keen to see Plotlogic “scale their impact” with the financing.
The technology came out of Job’s PhD at the University of Queensland. It combines LiDAR and hyperspectral imaging with machine learning to deliver a more accurate understanding of the ore.
“The mining sector is hungry for solutions that improve safety, decrease greenhouse gas emissions and improve profitability,” Job said.
