Vancouver’s VRIFY has raised a $6 million to fuel their market expansion plans and feature development.
VRIFY is a mining communications technology platform that helps mining companies attract and secure investment through innovative tools.
The Series A round was co-led by RCF Jolimont Innovation and Beedie Capital, with participation from Victoria’s Tiny.
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.
“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 serves over 130 clients across 70 countries, including mineral exploration companies Southern Cross Gold (ASX: SXG) and Integra Resources (NYSE: ITRG), as well as major mining companies Teck (NYSE: TECK) and Kinross Gold (NYSE: KGC).
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.
“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.
“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 David Bell, Managing Director at Beedie Capital. “We are thrilled to support VRIFY on their mission to become a leading solution in the sector.”
VRIFY 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.
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