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METALS & MINING
plotlogic.com

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About Plotlogic

Plotlogic provides real-time, autonomous, non-invasive and raw material characterization systems, enabling clients to improve ore recovery, reduce dilution and reduce operational costs. It is based in Bowen Hills, Queensland

Plotlogic Headquarter Location

12 Thompson St

Bowen Hills, Queensland, 4006,

Australia

Latest Plotlogic News

Mine mapping start-up Plotlogic hunts fresh funds

Oct 21, 2021

Share Mining precision mapping technology company Plotlogic is kicking off a funding round, raising up to $27 million ($US20 million), having already secured the likes of South32, Anglo American and Glencore as customers in its first year of commercial operation. Plotlogic founder and CEO Andrew Job is raising a fresh round of funding for the mining tech company. The business, which started as a research project out of the University of Queensland, combines advanced hyperspectral imaging sensors, LiDAR, and other sensors with artificial intelligence in its flagship OreSense product, to determine ore grade and other mineral characteristics in real-time. The mapping technology enables miners to operate more efficiently, with less wastage and with less environmental impact. Led by founder and CEO Andrew Job, Plotlogic is targeting US investors rather than local funds, believing the deeper capital pools means more funds specialising in deep tech companies like Plotlogic. Rewind to January and Plotlogic was still pre-revenue. Now it’s on track to have an annual recurring revenue run rate of $US5 million by December 31. On current projections, it could exceed $100 million revenue as early as 18 months time’, with its pipeline worth $93 million. Advertisement The company hopes to get the new funding round away at a $US100 million valuation. “We’re able to accumulate massive amounts of data on the rocks, know where they are and what they’re made of, letting you run the whole mining business very differently... rather than making guesses based on inaccurate data sources,” Job said. In its first seed funding round, Plotlogic added US fund DCVC to its register as the lead investor, with Ali Tamaseb of DCVC and author of Super Founders joining its board. It also counts 8VC, Baidu Ventures and Grids Capital as investors. “We went to Silicon Valley because we’re working in the deep tech space and while there’s a lot of Aussie VCs, it’s a thinner market,” he said. “We can access bigger capital pools, and more investors that have worked on challenges that require a lot of research and development... We’ll probably find that most, if not all, of our investors come from the Valley.” Get a first look at tomorrow's headlines Sign up to the Street Talk First Look newsletter

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