JPMorgan Backs Startup That Wants to Fix Copper Shortage
- MineSense Technologies closes $42 million series E funding
- Company’s technology boosts copper production up to 25%
Photographer: Evan Collis/Bloomberg
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JPMorgan Chase & Co. is backing a startup that aims to close the looming global supply gap for copper, the metal that’s critical for the clean-energy economy.
MineSense Technologies Ltd raised $42 million in an investment round led by JP Morgan Asset Management’s sustainable growth equity team, according to a statement Wednesday. The privately-held company uses a combination of software and hardware to help mining firms more precisely and quickly measure ore, which increases production and reduces waste. The funds will be used to increase the commercial deployment of MineSense’s product.