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 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.
Prospect will convene stakeholders for a summit on December 11th, 2019 at Newlab to present and refine challenges for the next phases of the program. Select teams from the open call will be invited to the summit to showcase their work and engage with mining industry experts and investors. The summit sessions will surface and prioritize high impact mining challenges while uncovering compelling technologies and solutions that could be applied to the industry. Teams unable to attend the summit will still have the opportunity to participate in the Engage phase.
Up to 12 teams will be selected to continue in the program, engaging Vimson, Newlab, 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 Newlab’s community, network, prototyping facilities and workspaces as well as a cohort of mining experts. Teams will be able to participate remotely and are not required to relocate to New York City for this phase.
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
Dec 3, 2020
January – March 2021
March – July 2021
Jul 2021
From July 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, including prospecting & surveying, exploration, mine design & planning, production, and mine closure & mitigation.
- Waste RecoveryCapturing more value from minerals while simultaneously reducing carbon footprint through synthetic biology and chemical innovations that improve methods of remediation and valorization of tailings.
- Mineral Discovery and ExtractionDeveloping data analysis and niche fields like geomechanics and geometallurgy to uncover new methods for the discovery, extraction, and process of minerals.
- Energy EfficiencyImproving the efficiency of resource conversion drilling using algorithms that help exceed process objectives and consume as little energy as possible.
- Water ManagementIntegrating the value chain into all components of mine design, operations, and closures, reducing the water required for mineral processing, dust suppression, and slurry transport.
- Sustainability and Closed Loop ProductionAdvancing synthetic biology, chemical engineering, and data-driven machinery to create closed-loop production cycles in mining.
- Worker Performance and SafetySetting a new bar for safety using robust, actionable insights from AR/VR, unmanned aerial vehicles, and advanced imaging technologies that ultimately keep workers out of hazardous environments.
- Data and Logistics OptimizationDeveloping platforms capable of foretelling failures, reducing downtime, and increasing operational efficiency using predictive analytics and A.I.
- 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 IIOT 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
2020 Cohort
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
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.
Learn how new visualization platforms and advanced algorithms will help mining companies exceed process objectives while consuming minimal amounts of energy.
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.
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!
Newlab and Vimson Group have confirmed the cohort of 15 new companies in the Prospect Mining Studio after choosing start-ups from across the world.
On December 11th, Newlab convened a group of nearly 50 mining companies, cutting-edge startups, academic researchers, and industry experts for the inaugural Prospect Mining Summit.