Novamera Closes $5 Million to Advance Its Precision Mining Solution - Sustainable Mining by Drilling
[Click image to enlarge]
Novamera said it has closed its $5 million Series A financing round. BDC Capital’s Industrial Innovation Venture Fund was the lead investor and Chrysalix Venture Capital also participated with a follow-on investment through the Chrysalix RoboValley Fund. In addition, management and other private investors participated.
The financing will primarily fund Novamera’s full field trial of the Sustainable Mining by Drilling (SMD) solution. The field trial, which is taking place at Anaconda Mining’s project site in Newfoundland, has commenced and will be ongoing until the end of November. The company is carrying out a proof of concept, testing the entire SMD system and process.
“On behalf of the board and management team, we are extremely pleased to have reached this milestone enabling us to deliver transformational change to the mining industry. We look forward to working with our new partners at BDC Capital and appreciate the continued support from Chrysalix,” said Dustin Angelo, president and CEO of Novamera.
“The financing along with the non-repayable funding from Sustainable Development Technology Canada will help us develop the first generation SMD system and position the company to be the global leader in precision mining. The mining industry faces many challenges that require more sustainable and environmentally friendly solutions and SMD will be an economically viable option to extract narrow vein deposits with minimal waste and disturbance,” added Angelo.
About Novamera
A venture capital backed company, Novamera is developing “keyhole surgery” for mining, an innovative clean technology and process that will be able to mine the numerous small-scale narrow vein mineral deposits found worldwide more safely, economically, and sustainably using unique downhole sensors, machine learning algorithms, and industry proven drilling technology.
To stop by Novamera’s website, CLICK HERE
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2021 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
