Mining communications technology platform VRIFY raises US$6M

 Mining communications technology platform VRIFY raises US$6M

Image courtesy: VRIFY

VRIFY, Vancouver-based mining communications technology platform, has successfully secured US$6 million in Series A funding. RCF Jolimont Innovation and Beedie Capital co-led the funding round, with additional participation from Tiny. VRIFY raises this significant investment to specifically enable the company to enhance its platform capabilities. In addition, it will continue to focus on streamlining project data transfer and uploads, and integrating AI applications.

Moreover, VRIFY aims to build a new team that specializes in data, automation and AI to drive feature development and drive innovation. It is planning to expand its team size by 25% within the next year.

VRIFY creates renowned 3D visualization technologies and immersive 360-degree virtual tours of mining sites. These solutions help its mining clients communicate project details to investors. Its platform offers interactive features that facilitate meaningful dialogue and allow non-technical stakeholders to quickly grasp project information.

“A strong critical mineral supply chain is essential for reaching our global energy transition targets, but without a significant shift in the way the mining sector communicates to investors, this is unlikely to happen. VRIFY is on a mission to set a new standard for the way information is shared across the entire mining ecosystem, making mining investments more accessible to a wide variety of potential investors.”

Steve de Jong, Founder and CEO at VRIFY

Also read: GV funds Cognosys AI with CA$2M to drive growth of AI agents

Growing potential of smart mining communications technology platform

The smart mining market, including cutting-edge technologies revolutionizing mining operations, witnessed a surging valuation of US$9.33 billion in 2020. As per an industry report, this sector will grow even further and can get to US$23.05 billion by 2030, growing at 13% CAGR from 2023 to 2030.

Investors backing VRIFY are betting on this market potential to help revolutionize the mining sector by introducing cutting-edge technologies.

“A strong mineral supply chain is critical to powering our renewable energy future, and meeting our growing manufacturing needs. We are thrilled to support VRIFY on their mission to become a leading solution in the sector.”

Adrian Chan, Director at Beedie Capital

Founded in 2017, VRIFY has more than 130 customers in 70 countries. These include mineral exploration companies Southern Cross Gold and Los Andes Copper, and major mining companies Teck and Kinross Gold. According to the company, its yearly recurring revenue had grown by over 120% as of April. It further says that its Q1 2023 revenue will be more than 400% greater than for the same period last year.


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