VRIFY Raises $6M Series A To Transform How Mining Companies Communicate and Drive Investment
VRIFY, the leading mining communications technology platform, today announced that it has raised $6 million in Series A funding co-led by RCF Jolimont Innovation and Beedie Capital, with participation from Tiny. The investment will fuel VRIFY’s market expansion plans and feature development to help more mining companies attract and secure investment through innovative communication tools.
“A strong critical mineral supply chain is essential for reaching our global energy transition targets, but without a significant shift in the way the mining sector communicates to investors, this is unlikely to happen,” said Steve de Jong, Founder and CEO at VRIFY. “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. The raise will help us redefine how deals are shared, understood, and secured, through our best-in-class suite of communication tools.”
VRIFY offers 3D visualization technologies and 360 degree mining site virtual tours helping mining companies better communicate project details to investors. The platform includes interactive features that facilitate meaningful dialogue and ensure non-technical stakeholders can get up to speed quickly. VRIFY serves over 130 clients across 70 countries, including mineral exploration companies Southern Cross Gold Ltd (ASX: SXG), as well as major mining companies Teck (NYSE: TECK) and Kinross Gold (NYSE: KGC).
“RCF Jolimont is very excited to be making an investment in VRIFY. Their easy to use collaboration and visualization tools are a step-change for how mining companies present complex 3D information, leading to significant improvements in collaboration and much more productive meetings. The tool will reduce costs, and improve understanding across the mining industry. I look forward to joining the VRIFY Board,” said Charles Gillies, Director, RCF Jolimont.
As of April, VRIFY has seen more than 120% year over year recurring revenue growth. VRIFY’s momentum continues to accelerate with Q1 2023 recurring revenue growth more than 400% higher than the same quarter a year prior. This growth has positioned VRIFY as the leading communications technology platform in the mining sector, attracting attention from Jolimont, one of the largest global mining investment firms, as well as technology investment funds Tiny, and Beedie Capital. With the mining sector valued at $2 trillion and an increased global spotlight on the mineral supply chain, VRIFY’s Series A partners share its vision to both modernize the mining industry through technology, and capitalize on a growing market opportunity.
“A strong mineral supply chain is critical to powering our renewable energy future, and meeting our growing manufacturing needs. This will take a paradigm shift in the way mining projects are understood and talked about,” said Adrian Chan, Director at Beedie Capital. “We are thrilled to support VRIFY on their mission to become a leading solution in the sector.”
"There are riches in niches, and we particularly like this one,” said Andrew Wilkinson, Co-Founder at Tiny.
VRIFY plans to invest in updating and launching new features in response to customer needs, such as streamlining project data transfer and uploads. The team is also actively exploring AI applications to increase efficiency for users. In addition, the team will launch a first-of-its-kind communication course for mining professionals, highlighting best practices for securing investment and guiding users on how to get the most out of VRIFY’s tools.
The team is hiring for a number of roles to drive its growth, with plans to expand team size by 25% over the next year. This includes building out a new team focused on data, automation, and AI to fuel feature development. For more information on open roles, please visit the careers page at:https://vrify.com/careershttps://vrify.com/careers.
VRIFY is a leading technology platform transforming the way mineral exploration and mining companies communicate. VRIFY’s interactive 3D and 360 degree presentations equip investors and stakeholders with powerful visual context and access to better information about the companies and projects they are investing in. By simplifying complex information and offering a faster and more accurate way to discover and assess any mining company’s investment potential, the VRIFY platform is building a more transparent, more investable, and more sustainable mining sector.