Open Mineral, a Zug, Switzerland-based mining technology company, raised $33m in Series C funding.
The round was led by Mubadala Investment Company with participation from existing investors Xploration Capital and Emerald Technology Ventures and new investors Statkraft and Lingfeng Capital.
The company intends to use the funds to continue to accelerate its growth, solidify its physical supply chain merchant activities, and advance its position in digitizing metal raw material trading.
Led by Boris Eykher, CEO & Co-Founder, Open Mineral provides a global digital trade platform for base metal commodities which leverages proprietary pricing algorithms to drive value creation through the commodity supply chain. The platform has registered over 900 metals and mining companies from 40 different countries.
Open Mineral is actively working with third-party providers to incorporate ESG metrics across the sell-side (supplier product offers) and buy-side (downstream processing) and developing the architecture to facilitate concentrate swaps in the freight environment. The company has also developed automated blending/smelter material optimization solutions enabling trade of physical metal raw commodities.
Open Mineral also has offices in Latin America, Asia, and Europe.