A spinout of VTT Technical Research Centre of Finland, Hypermine, has today announced the successful closure of its seed funding round. The funding round consists of private equity investments from Stephen Industries and Sage Enterprises, as well as an IPR investment from VTT.
Global demand for minerals is rapidly increasing, driven by global urbanisation, clean energy transition, and growing agricultural needs. Key resources like copper, cobalt, and lithium are in short supply, threatening climate goals. The mining industry faces higher costs, more waste, and increased energy and water use. To meet demand, the focus is shifting from exploration to more efficient extraction and processing technologies.
Hypermine’s technology combines laser illumination, hyperspectral sensing, and proprietary machine-learning algorithms. That allows mine operators to sort the valuable minerals from the remaining mined material at the earliest stage of the mining process, improving resource recovery while minimising the environmental impact. Mines can improve their profitability by 3–10 per cent with the technology while extending their lifetime.
Furthermore, Hypermine’s technology helps cut down energy use by 10 per cent, and it can reduce ore flotation acids and water usage by 15 per cent.
Markku Makkonen, CEO of Hypermine says:
Meeting society’s material needs without damaging the environment is not an easy undertaking. We want to make mining more efficient, which is key for mining companies to extract more minerals at lower costs, while also minimizing environmental impact and reducing the use of water, acids, and energy. We’ve already proven our technology in multiple different environments and have vast market potential. We are continuing to partner with major players in the global mining industry and have ambitious growth plans.
Jake Greenberg, managing director at Sage Enterprises, believes Hypermine represents a genuine breakthrough for the mining industry, offering transformative potential for efficiency and sustainability. He comments:
In the same way that sonar allowed navies to see enemy submarines, Hypermine’s laser-based hyperspectral sensors allow mining companies to see the minerals in their orebodies in real time, improving decision-making accuracy to ensure that valuable ore gets processed while waste rock goes to the dump. This means the future of mining will be significantly more sustainable and more profitable.
Hypermine’s breakthrough innovation, broadband laser illumination, enables revealing mineral contents of ore surfaces remotely and under any environmental conditions. This makes it possible to use the technology already during the excavation stage, improving mining decisions significantly.
Currently, decision-making is based on inaccurate 3D block models that represent large sections of the mine, covering between 3,000 and 10,000 tonnes of material. Hypermine enables decision-making at truck load resolution, approximately 100 to 400 tonnes, making ore grade identification hundred times more accurate,
elaborates Mikhail Mekhrengin, CTO of Hypermine.
Hypermine’s technology has been co-developed and validated with a leading mining company. The Hypermine product has ongoing pilots in the UK, South Africa, Brazil, and Canada. The technology’s implementations in mines include, e.g., rock face, muck pile, loading, and hauling.
We pioneer cutting-edge technology to support mining providers in their most critical operations - from the excavation to ore pre-processing. Combining innovative techniques, precision engineering, and industry-leading expertise, we deliver reliable, high-performance solutions designed to perform with confidence and safety, even under the toughest mining conditions,
says Andrei Rupasov, CPO of Hypermine.
Tor-Oskar Karlberg, investment director at Stephen Industries, sees the mining industry at a pivotal moment, facing lower ore yields and mounting environmental scrutiny, all while global demand for minerals accelerates. He comments:
As an investor, we’re focused on high-impact technologies with strong teams and potential to grow internationally. Hypermine fits this commitment and we’re confident in the team’s vision. We're excited to support Hypermine on their mission as they scale their technology and business.
The funding will be used to strengthen Hypermine’s team, support current customers and acquire new customers, as well as achieve profitable growth.
Lead image: Hypermine
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