Mining location technology company GeoMoby has secured A$3 million ($2.03 million) to fund the further rollout of its technology to the global mining industry.
The money will be allocated towards expanding its sales and business development team, as well as adding to a strong team of staff focused on technology development.
The funds have been largely sourced from multiple European investors, GeoMoby said. The capital raise was also supported by existing shareholders.
GeoMoby – the name of the company and product – uses wireless, cable-free and reusable beacons to geofence sites, track assets and check on workforces, providing a layer of safety and efficiency never seen before, the company says. The technology allows surface-to-underground communication through smart devices, meaning, for the first time, photographs and video can be sent to the surface from remote tunnels in deep underground sites.
GeoMoby is targeting long-term contracts with Western Australian-based underground mining companies, but its technology can also be applied to surface mining operations and construction sites in Australia and globally, it says.
Founder and CEO, Chris Baudia, said: “Australian mining companies want to keep their workers – often in remote areas – safe, and this technology is the best, most reliable way to do that right now in the world. This latest funding now enables us to provide Australian miners with a gold standard location service and we are working hard to educate the mining sector about our cost-effective technology.
“We are now Australia’s most advanced location intelligence platform with a specialisation in live tracking and geofencing technologies for the mining and construction industries. We provide a 360° view platform that helps our clients to visualise their assets – trucks, light vehicles, machines – and the most important one, people. This is done in real-time whether it be in a multi-storey building, a remote area or even deep down an underground tunnel.”