Machine Learning

ML-driven Novamera Closes $5 Million Series A Financing

Novamera Inc. (“Novamera” or the “Company”) is pleased to announce that the Company has closed its $5 million Series A financing round (the “Financing”). BDC Capital’s Industrial Innovation Venture Fund was the lead investor and Chrysalix Venture Capital also participated with a follow-on investment through the Chrysalix RoboValley Fund. In addition, management and other private investors participated.

The Financing will primarily fund Novamera’s full field trial of the Sustainable Mining by Drilling (“SMD”) solution. The field trial, which is taking place at Anaconda Mining’s project site in Newfoundland, has commenced and will be ongoing until the end of November. The Company is carrying out a proof of concept, testing the entire SMD system and process.

Dustin Angelo, President and CEO of Novamera, stated, “On behalf of the board and management team, we are extremely pleased to have reached this milestone enabling us to deliver transformational change to the mining industry. We look forward to working with our new partners at BDC Capital and appreciate the continued support from Chrysalix. The Financing along with the non-repayable funding from Sustainable Development Technology Canada will help us develop the first generation SMD system and position the company to be the global leader in precision mining. The mining industry faces many challenges that require more sustainable and environmentally friendly solutions and SMD will be an economically viable option to extract narrow vein deposits with minimal waste and disturbance.”

Governance Changes

Novamera welcomes two new members to the board of directors of the Company – Marni Rabasso and Guillaume Mercier. Ms. Rabasso is a seasoned, high-growth software executive focussed on technology commercialization and providing digital transformations to help industry capture efficiencies and have a smaller footprint on the earth. Mr. Mercier is a Partner, Industrial Innovation Venture Fund for BDC Capital. Through his consulting and entrepreneurial experience, he brings meaningful operational and strategic expertise that will benefit Novamera.

Jonathan Fitzgerald has resigned from the board and the Company thanks him for his service since the inception of the Company.

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