Prospect Mining Studio supports startups of all stages, forward-thinking innovators, and prominent researchers as they build, pilot, and scale frontier technologies that will advance the natural resource and mining industries with a focus on sustainable and socially responsible solutions. A catalyst for change in the industry, the studio is a partnership between leading Indian mining conglomerate, the Vimson Group, and innovation hub, Newlab. Each 12-month program cycle explores new possibilities in mining by bringing together startups, entrepreneurs, mining industry experts, venture partners, and leading academics from across the globe to define challenges, prototype rapidly, and implement pilots at mining sites, all while building efficiencies, measuring impact and disrupting the status quo.
PROGRAM PHASES
Prospect brings together teams of research analysts, industry experts, engineers and entrepreneurs to realize untapped opportunities in the natural resources and mining industry. We are building advanced data tools to support our research, findings and studio ecosystem. A range of mining experts provide first-hand insights and evaluate key findings. The knowledge base generated in this phase guides the program thesis and the selection process for identifying teams to participate in the Studio.
Following the December 2020 Summit at New Lab, select teams from the Open Call will convene with mining industry experts and investors to surface and prioritize high impact mining challenges while uncovering compelling technologies and solutions that could be applied to the industry.
Up to 10-12 teams will be selected to continue in the program, engaging Vimson, New Lab and the supporting ecosystem of experts to progress towards clear milestones. Teams will be matched with the resources best suited to their stage of development and greatest needs such as mining, operational and site data or financial support to build industry-specific technology applications. Mature companies will be given opportunities to fast-track to the pilot phase. All teams will gain access to New Lab’s community, network, prototyping facilities and workspaces as well as a cohort of mining experts.
Teams meeting the necessary milestones will pilot and validate their technologies at Vimson or partner mining sites. This phase will support teams in product integration, expose them to additional investment opportunities and help accelerate products to market.
OUTCOMES
- Bring together frontier technologies and applied entrepreneurship to address the mining industry’s most pressing challenges around efficiencies, future of workforce, data optimization and reducing carbon footprint
- Establish partnerships between mining industry leaders and innovators from startup and academic research communities
- Validate and advance solutions to market through piloting at mining sites
- Create unique investment deal flow to commercialize technologies and scale businesses that gain traction in the Studio
PROGRAM CYCLE 2
December 2020
Jan – March 2021
June 2021
Jun – Sept 2021
Fall 2021
FOCUS AREAS
Prospect believes a range of emerging technologies will create impactful, scalable opportunities across the $1T mining industry. Prospect Mining Studio will touch all aspects of the mining value chain, leveraging technologies from a range of sectors and many from outside of the industry. For the second cycle of the program, the Studio will aim to deliver opportunities to the mining industry within the application areas described below.
We are proud to announce the addition of the Canada Mining Innovation Council (CMIC) as a partner who will be supporting a subset of startups in the program. Startups operating in CMIC’s application area described below will have the opportunity to work with Prospect and be fast-tracked for pilot opportunities with the member organizations of the CMIC consortium, who are global industry leaders in mining.
- Tailings, Waste, and Water Valorization and ReductionCapturing more value from minerals through synthetic biology, physical, chemical as well as data-driven innovations that improve methods of reduction and valorization of tailings, waste, and water. Conversion of mining and processing byproducts into raw materials for new applications or carbon sinks, creating closed-loop production cycles in mining.
- Efficiency OptimizationMaximizing operational, logistics and supply chain efficiency through the deployment of distributed sensors and digitalization. Improving the prescriptive life cycle management of assets, and workforce engagement.
- Ore UnderstandingMaximizing knowledge for selective winning of ore through the mining value chain from discovery to processing and even mine design. Applications may include advances in real time, remote, in-field and in-line, multispectral and penetrative sensing and data interpretation relating to elemental, mineralogical, metallurgical, physical, trace or even biological properties. In collaboration with
- Energy Efficiency and DecarbonizationOptimizing energy consumption in mining, transport and processing, from sensing and digitalization to novel rock breaking and processing methods. Reducing the carbon footprint of mining processes and machines and new distributed non-fossil energy sources and alternative battery storage.
- Worker Safety and Performance Setting a new bar for safety to keep workers out of hazardous environments through intuitive visualization and advanced imaging (AR/VR), teleoperations, decision support, and heightened workforce motivation and engagement. Physical protection on a person or system level.
- Computer VisionApplying computer vision to mobile mining equipment to create safer and more productive mining by removing people from the working face.
- Artificial Intelligence and Machine LearningA.I. and machine learning harness data to optimize logistics in the field and within every facet of the supply and value chain.
- RoboticsRobotics and unmanned aerial vehicles create new levels of safety while ensuring optimal output.
- Augmented and Virtual RealityAR/VR and advanced imaging technologies create robust, actionable insights into site operations that keep workers out of hazardous environments.
- Synthetic Biology, Chemistry, and Material ScienceAdvances in synthetic biology, chemical engineering, and data-driven machinery enable enhanced waste recovery, improved water management, and more energy-efficient systems.
- Telecommunications and NetworkingAdvances in telecommunications and networking fuel holistic monitoring and real-time optimization of systems, equipment, and site routines.
- Industrial IoTAdvances in IoT harness data to optimize logistics in the field and within every facet of the supply and value chain.
- Geomechanics and GeometallurgyData analysis and innovative developments in niche fields like geomechanics and geometallurgy help uncover new methods for discovering, extracting, and processing minerals.
Why apply?
- You are applying transformative technology to solve big challenges in the mining industry
- You are building a business that can create positive impact
- You want to be part of a global community of innovators
What we offer:
- Equity Free Participation
- Prospect Mining does not take any equity from startups to engage in the Studio.
- Gain Traction in Mining
- Prospect is focused on product development and getting startups to deploy pilots in real-world test environments.
- Possibility for Investment
- Prospect makes select investments in companies based on the Studio’s focus areas; participation in the Studio does not guarantee investment.
- Ecosystem Development
- Startups get visibility and new connections with mining companies from around the world
2021 Cohort
As part of the Studio, these startups will work to define critical gaps in the mining industry, develop prototypes, and pilot their solutions at mining sites in order to solve the industry’s most significant sustainability challenges and reduce waste streams across the mining value chain. The Studio’s focus areas include: reducing operational costs, improving the energy efficiency of ore processing, and establishing alternative, low-carbon energy storage infrastructure.
APPLY
Applications to Prospect Mining Studio are now closed. Please check back for program updates and future opportunities to get involved.
PARTNERS
Prospect Mining seeks leading corporate and venture partners who are interested in helping drive innovation in the mining sector. Benefits of partnership include:
- Engagement with a curated portfolio of talented technology entrepreneurs
- Participation in ideation workshops
- Access to cutting edge research
- Engagement with proof-of-concepts and prototypes for partner-driven challenges
- Opportunity to participate in strategic investments
Team
Advisors
News
The 12 startups selected to join the Studio will apply sustainable and socially responsible technology solutions to the mining industry.
Kal Tire and Prospect cohort member Pitcrew AI will bring mines autonomous detection of hot tires, tire separations, and other tire and mechanical damage any time, anywhere, and without the vehicle needing to stop.
The global energy transition hinges on a mining industry that is actively deploying disruptive innovation to abate its carbon footprint.
Novamera has closed its $4 million Series A financing round, providing the necessary funds to carry out the first full field trial of its (SMD solution for narrow-vein mining.
XPRIZE has announced that CarbonCure Technologies, CarbonBuilt, Carbon Corp, and Prospect Mining Studio cohort startup Carbon Upcycling have won the $20M NRG COSIA Carbon XPRIZE, a prize that set out to convert CO2 emissions into valuable products.
Exyn Technologies has expanded its partnership with Sandvik Mining and Rock Solutions to integrate Exyn’s data into Sandvik’s analytics and process optimization suite, OptiMine®.
Novamera has partnered with Hochschild Mining, a leading precious metals company in order to advance insight into the development of Novamera’s surgical mining technology, Sustainable Mining by Drilling (“SMD”).
Prospect Mining Studio announces a half-million-dollar investment in its cohort member company CyanoGuard, the Switzerland-based chemtech startup shaping the future of cyanide detection for the gold mining industry.
On December 3rd, Prospect Mining Studio virtually brought together mining companies with forward-thinking startups worldwide to ideate on mining challenges and share insight into concepts and operating environments where new pilots could take place.
From predictive analytics to chemical innovation, data-driven solutions present new opportunities for mining companies to maximize operational efficiency and avoid unnecessary downtime.
Prospect Mining Studio is offering mining start-ups time in the spotlight and supports them in becoming cornerstones in the mining industry of the future. Mining Magazine’s Donna Schmidt investigates.
Can robotics and automated processes help us reimagine mining? Hear from two Prospect Mining Studio startups pioneering the integration of advanced robotic systems that will create a global impact on the industry.
Novel advances in chemistry and biology are being adapted to address one of the mining industry’s biggest challenges: waste.
As corporations continue to navigate their approach to innovation, active startup partnerships and pilots are key opportunities for the entrepreneur and mining operator to come together.
Learn how new visualization platforms and advanced algorithms will help mining companies exceed process objectives while consuming minimal amounts of energy.
Founded in 2016, CyanoGuard is Swiss-based chemtech startup dedicated to shaping the future of cyanide detection, monitoring and optimization for gold mining applications.
We caught up with Apoorv Sinha, CEO of Carbon Upcycling Technologies, who focus is on the conversion of CO2 gas emissions into solid products from point sources such as power plants.
The startup teams in the 2020 cohort will now engage Vimson, Newlab and the supporting ecosystem of experts to progress towards clear milestones.
2020 cohort
Prospect Mining Studio, a partnership between the Vimson Group and Newlab, is thrilled to announce the first cohort of startups for the 2020 program cycle!