Chrysalix RoboValley Fund Invests In Novamera Inc., Developers Of A Breakthrough Technology For The Mining Industry
Apr 28, 2020
Chrysalix Venture Capital, a global venture capital fund with a long history commercializing step-change innovation for resource intensive industries, announces an investment in Novamera Inc., developers of an innovative technology and process to mine ore from narrow vein deposits that are considered uneconomic when applying traditional extraction methods.
“Chrysalix is making mining innovation, with resource productivity and intelligent systems, a major theme of our new fund. Working with our strategic investors and high potential startups, we want to solve big problems and accelerate new step-change solutions into the mainstream market,” said Dr. Charles Haythornthwaite, Senior Partner at Chrysalix Venture Capital. “Novamera has exciting prospects to help enable the mining industry to access new categories of high-grade narrow-vein deposits. Mining’s future is not necessarily continuing down the path of large CAPEX projects and low-grade ore bodies. We think there can be an analogue to unconventional oil and gas for mining with a different risk and capital profile.”
With its commitment to making mining safer, sustainable and more profitable, Novamera is a direct fit with Chrysalix’s investment thesis to connect market-driven problems to breakthrough solutions. By combining two pre-existing technologies in a novel way, directional drilling and ground penetrating radar, and adding patent pending innovations, Sustainable Mining by Drilling’s (SMD) unique system creates new ways of mining with surgical precision. This enables a smaller environmental footprint and consumes less energy compared to conventional selective mining methods; it is highly cost effective given the system’s limited development costs and modularity; and it has the ability to target ore only, not having to dispose of waste rock. Novamera has already been recognized as an early leader in mining innovation. The company was spun out from Anaconda Mining, a finalist at Disrupt Mining 2019 sponsored by Goldcorp (now Newmont).
Dustin Angelo, President and CEO of Novamera, stated, “We are pleased to partner with Chrysalix as we develop our innovative technology, which will have a significant impact on the mining industry. When we were looking for capital for our business, we sought a firm that could offer more than just financial resources. We found that in Chrysalix, who has been very supportive and has provided thoughtful guidance as we begin to navigate the typical challenges of early stage technology companies. We look forward to building Novamera together and making SMD a global success.”
The Chrysalix RoboValley Fund invests in intelligent systems enabled by AI, IoT and sensor technologies to achieve significant improvements in productivity and critical business processes. Investors in the fund include Fortune 500 companies, leading corporates, financial institutions, family offices and universities, and a notable cluster of mining strategic partners, which include global mine owner-operators, mining equipment manufacturers and downstream metal processors such as South32, FLSmidth and Mitsubishi Corporation.
For more information about Chrysalix, please visit www.chrysalix.com and for more information about Novamera, please visit www.novamerainc.com.
About Novamera Inc.
Novamera Inc. is a venture backed start-up that is developing an innovative technology and process to mine gold, copper or other ore from steeply dipping, narrow vein deposits that are considered uneconomic when applying traditional extraction methods. It is called Sustainable Mining by Drilling (“SMD”) and there is a global opportunity for this innovation, which has the potential to not only mine minerals more safely at a significantly lower cost than conventional selective mining methods, but with substantially lower energy, water consumption and environmental footprint. Not only is it possible to develop mineral deposits that may not be economic today, but SMD could also extend existing mines beyond their current engineering limits, leveraging existing infrastructure.
Novamera was a finalist in the 2019 Disrupt Mining Competition sponsored by Goldcorp (now, Newmont). Visit the company website at www.novamerainc.com to see the competition video and other information for more background on Novamera and the SMD technology.