VRIFY – a leading mining communications technology platform – announced that it has raised $6 million in Series A funding co-led by RCF Jolimont Innovation and Beedie Capital with participation from Tiny. This investment will fuel VRIFY’s market expansion plans and feature development to help more mining companies attract and secure investment through innovative communication tools.
The company offers 3D visualization technologies and 360 degree mining site virtual tours helping mining companies better communicate project details to investors. And the platform includes interactive features that facilitate meaningful dialogue and ensure non-technical stakeholders can get up to speed quickly. VRIFY serves more than 130 clients across 70 countries, including mineral exploration companies Southern Cross Gold Ltd as well as major mining companies Teck and Kinross Gold.
VRIFY has seen more than 120% year over year recurring revenue growth as of April. And 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 positioned VRIFY as the leading communications technology platform in the mining sector, attracting attention from Jolimont – which is one of the largest global mining investment firms as well as technology investment funds Tiny and Beedie Capital. The the mining sector is valued at $2 trillion and an increased global spotlight on the mineral supply chain and VRIFY’s Series A partners share its vision to both modernize the mining industry through technology, and capitalize on a growing market opportunity.
VRIFY is planning to invest in updating and launching new features in response to customer needs like streamlining project data transfer and uploads. And the team is also actively exploring AI applications to increase efficiency for users. Plus 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.
KEY QUOTES:
“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. 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.”
— Steve de Jong, Founder and CEO at VRIFY
“RCF Jolimont is very excited to be making an investment in VRIFY. Their easy to use collaboration and visualization tools are a step-change for how mining companies present complex 3D information, leading to significant improvements in collaboration and much more productive meetings. The tool will reduce costs, and improve understanding across the mining industry. I look forward to joining the VRIFY Board.”
— Charles Gillies, Director, RCF Jolimont
“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. We are thrilled to support VRIFY on their mission to become a leading solution in the sector.”
— Adrian Chan, Director at Beedie Capital
“There are riches in niches, and we particularly like this one.”
— Andrew Wilkinson, Co-Founder at Tiny
