Back in 2018 we coated how Open Mineral (OM), a startup aiming to leverage better transparency in commodities buying and selling, had raised $2.25 million. Well, they’ve come a great distance and now the Zug, Switzerland-based, firm has raised a $33 million Series C funding spherical led by Mubadala Investment Company. Existing buyers Xploration Capital and Emerald Technology Ventures had been joined by new buyers Statkraft and Lingfeng Capital.
The firm says it would use the capital to solidify its bodily provide chain service provider actions. The commodities buying and selling market is price $200 billion and even at this time there’s nonetheless a variety of paper flying round, so digitization is continuous apace.
Open Mineral says its platform has registered over 900 metals and mining corporations internationally, utilizing its pricing algorithms throughout the commodity provide chain.
As nicely as digitizing elements of the trade, OM says it’s additionally working with third-party suppliers to include ‘green’ ESG metrics throughout the sell-side and buy-side.
It additionally claims to have developed automated mixing/smelter materials optimization options “enabling more efficient, informed, and profitable trade of physical metal raw commodities.” These have an effect on transitioning to a decrease carbon footprint, says the corporate,
Boris Eykher, CEO & Co-Founder of Open Mineral mentioned in a press release: “The metal trading industry’s future is in digital data and analytics, enabling market participants to communicate faster and make quicker, and more data-driven decisions. Just as eBay revolutionized retail purchasing by bringing more choices to buyers and sellers, we aim to do the same for physical commodity producers in a curated, trusted environment of the Open Mineral platform.”
Faris Al Mazrui, Head of Russia and CIS Investments at Mubadala, mentioned: “Open Mineral is disrupting the commodity trading business by leveraging data analytics technology. Buyers and sellers of base metal commodities can tap into a unique and proprietary data hub to trade more efficiently and capture upside.”
