LoopX Innovation has raised $4.05 million in seed funding to expand its physical AI platform for mining equipment and underground operations. The round was led by BDC Seed Venture Fund and Orion Industrial Ventures, with participation from engineering and professional services firm Hatch.
LoopX plans to use the funding to grow its teams across applied AI engineering, customer success and go-to-market operations.
The Toronto and Sudbury-based company develops machine intelligence designed to operate in uncontrolled mining environments where visibility, terrain, dust, lighting and other conditions can change rapidly.
Its platform combines thermal computer vision, edge computing and proprietary AI models trained on data collected from operating mine sites.
LoopX’s product portfolio includes a collision avoidance system for mobile mining equipment, LoadSight for automated payload measurement and material tracking, and BoomGuard for active safety around boom-operated machinery.
The company said its systems are already deployed at eight active mining sites operated by companies and contractors including Vale Base Metals and Cementation Americas.
Data collected from those deployments is used to improve LoopX’s models, system reliability and implementation processes.
Orion Industrial Ventures operates within Orion Resource Partners, which manages more than $9.6 billion and has financed more than 80 mining projects across 29 countries. Hatch employs more than 10,000 professionals across 150 countries.
KEY QUOTES:
“We believe high-risk environments deserve the most intelligence. Mining is where our Physical AI is tested under the toughest real-world conditions.”
Chao Yu, Co-Founder and CEO of LoopX
“We believe its technology has the potential to improve safety outcomes and productivity across mining operations.”
Mark Smith, Partner and Team Lead at BDC Seed Venture Fund
“LoopX is targeting one of mining’s most complex operational challenges, and we are excited to join Chao and the team on this mission.”
Mark Frayman, Managing Partner at Orion Industrial Ventures
“LoopX has built an incredible team developing AI technology with unlimited potential to make mining safer and more productive.”
Mark Deziel, Global Director of Mining at Hatch
