Congratulations to METS Ignited Collaborative Project Funds recipients MaxMine (formerly Resolution Systems) who have secured a significant investment from Viburnum Funds to accelerate the adoption of their highly successful mine optimisation technology (of the same name) into new markets.
MaxMine have developed a technology platform that drives improvements in the productivity of mobile plant and equipment operating on open-pit mines, and uses data analytics to empower mine operations leaders and workers to be more effective and productive.
METS Ignited’s industry-matched investment has seen over 30 new positions created and 7 customer sites acquired, including two overseas mine sites.
Under the METS Ignited Collaborative Project Funds, this project sets out to improve and optimise mobile fleet operations, providing data capture, analytics and AI capabilities across disparate mine data sources, including digital twin development.
The project which completed in 2020, has achieved these aims with impressive results on seven mine sites in Australia and overseas, making MaxMine an attractive investment proposition to Viburnum Funds who have acquired a 25 per cent share in the business.
MaxMine Chief Executive Officer Tom Cawley said Viburnum’s significant investment in the company illustrates the long-term growth fundamentals of the business, underpinned by MaxMine’s ability to routinely turn technology into tonnes for clients, as well as recognising the extensive data asset’s future potential.
“MaxMine is currently deployed at open-pit mining operations globally, with future application targeted for underground operations, as the company progresses its growth strategy, which has seen revenue growth between 70% and a 100% annually over the first 5 years,” Mr Cawley said.
MaxMine is currently deployed at open-pit gold, copper and coal mines across Australia and Africa. The company’s customer base is diverse, and ranges from large multinational and domestic mid-sized mining companies, as well as contract miners.
Read the full announcement here.