Closing of a $19M round for the Vancouver-based cleantech and smart mining company
Montreal, February 13th, 2017 – Cycle Capital Management, Canada’s leading cleantech venture capital platform, is proud to be part of this most recent $19M round of financing in MineSense Technologies. Aurus Ventures and Caterpillar Ventures, leading strategic investors in the mining industry, pair up with existing investors Cycle Capital Management, Chrysalix, Prelude and EDC to finance the growth of MineSense.
“Attracting new investors to the investors’ syndicate is part of our strategy developed with MineSense, to have major ore extraction and energy players sharing deep knowledge of the mining industry. This partnership with a leading mining operator and the leading global transport and equipment manufacturer will bring international exposure to this disruptive technology, and help accelerate commercialization in new markets,” said Andrée-Lise Méthot, founder and managing partner of Cycle Capital Management. “The mining industry is an important sector where clean technologies can truly change the rules. At Cycle Capital Management, we are convinced that technologies such as those developed by MineSense can not only improve the bottom line and profitability of ore sorting, but can also have a sustainable impact on the environmental footprint of the mining sector.”
“Since its investment, Cycle Capital Management has been a key partner for MineSense. This tight association has provided us strong support to develop new strategies and reach targeted milestones which resulted in attracting new mining and industrial leaders on board”, said Jeff More, CEO of MineSense.
The MineSense system integrates directly into existing mining shovels and conveyers to provide real-time information that enables ore sorting and enhances mine planning. Through recent field trials, MineSense has demonstrated that its technology platform can improve the bottom line at a single mine by a factor of $20 to $200M annually.
About Cycle Capital Management
A pioneer among Canadian venture capital funds focused on the clean-tech sector, Cycle Capital Management invests in companies developing and commercializing clean technologies and striving to reduce greenhouse gas emissions, optimizing resource use, and improving process efficiency throughout a product’s life cycle.
With assets under management of $230M, Cycle Capital Management, invests in Quebec and North America. Cycle Capital Management, based in Montreal with an office in Toronto and presence in New York, Seattle and Qingdao in China, regroups seasoned investment professionals, strategic advisors and industrial partners with in-depth knowledge of the sector. Cycle Capital Management has a special relationship with its strategic partners, notably Brookfield Renewable Energy, Rio Tinto Alcan, Cascades, Group M3, Lonza, Gaz Métro, Systemex Énergies, Aluminerie Alouette, and Hydro-Québec. For more information on Cycle Capital Management visit: cyclecapital.com
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