IntelliSense.io mines fresh growth capital from BASF
German power player BASF Venture Capital (BVC) has led a strategic investment round – sum unspecified – in Cambridge industrial artificial intelligence company IntelliSense.io.
The money will be used to increase the Cambridge startup’s applications portfolio and support distribution capacity globally.
The round included follow-on participation from a group of UK-based technology angel investors including Dr Steve Garnett and Stephen Kelly.
IntelliSense.io is a leading provider of AI-based solutions for the global mining industry. Its customers include mining majors and diversified mining groups.
To extract metals from the mined ores, mining companies must overcome two main challenges: First, today’s known ore deposits are increasingly difficult to mine, with declining ore grades and greater environmental challenges.
Second, the composition of the orebody is not known with high accuracy. This variability impacts operational conditions and control, as well as plant performance and throughput. This is where IntelliSense.io’s technology comes in.
IntelliSense.io has combined the disciplines of mining expertise with software engineering and data science, enabling products to be designed by industry experts for end-users in the mining industry.
The result is a unified technology platform, including a portfolio of process optimisation applications spanning the entire mining value chain, from the mine to the plant and the markets.
This is unique in the industry due to its breadth, scope and scale and it helps mining operations to become more efficient, sustainable and safe with accelerated value delivery.
The platform also includes built-in simulation tools that can be used to test alternative operating conditions, train staff and run non-intrusive ‘what if’ scenarios.
BASF has a broad portfolio of mineral processing chemicals and technologies to improve process efficiencies and aid the economic extraction of valuable resources while offering global technical support to mining customers.
Sam Bose, founder and CEO of IntelliSense.io, said: “Our fast-establishing leadership in industrial AI is driven by vertical industry-specific applications that require partnerships combining decades of industrial experience with emerging technologies.
“In the BASF group we are humbled to have found such a partner. We are delighted to have BVC’s support in building a category-leading industrial AI company and the capital raised will be deployed to increase our applications portfolio and support distribution capacity globally.”