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VRIFY raises $6 million Series A
RCF Jolimont Innovation and Beedie Capital co-led the mining tech company’s first raise, with participation from Tiny.
VRIFY, a mining tech startup that offers 3D-visualization technologies and 360-degree mining site virtual tours, recently closed a $6 million Series A round. The venture’s tools aim to help mining and mineral exploration companies better communicate project details to stakeholders.
“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,” said Steve de Jong, founder and CEO of VRIFY. “The raise will help us redefine how deals are shared, understood, and secured, through our best-in-class suite of communication tools.”
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Familiar territory: Founder de Jong was the former CEO of Integra Gold, where he experienced the difficulties of communicating mining projects to investors. If charter planes are not flown out to the often-remote site locations, said de Jong, the details of the project are likely limited to word-dense PDFs and slide decks.
Familiar problems: “The information that's being used right now [to make investment decisions] is insufficient,” said de Jong. “What we try to do at VRIFY is bring in things like 3D models, virtual tours of sites, and other interactive components so that ultimately, you're not just sitting there trying to make tens of millions of dollars in investment decisions — or trying to decide whether or not projects should go forward — just based off a PowerPoint, which is a very, very simplified version of what's actually going on.”
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Familiar clients: VRIFY currently serves over 130 clients in more than 70 countries. This includes large mining companies such as Eldorado (which acquired de Jong’s former company for $600 million), as well as smaller outfits, which make up most of the industry. De Jong noted that larger corporations often use VRIFY to educate those such as governments and local community groups who may not have technical backgrounds, while smaller ventures use the tools to gain better traction and trust in the industry.
New investors: “It was an eight-month [fundraising] process, so it was really tough,” said de Jong. “But where we ended up landing — we've got two of the largest mining technology investors on the planet backing us now, alongside with some more tech investors.”
The raise was co-led by Colorado-based private equity firm RCF Jolimont, which specializes in mining tech investments, alongside Beedie Capital, the investment arm of development company Beedie.
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