MagnaTerra Technologies Launches with $11 Million Investment
MagnaTerra Technologies, a new Australian deep tech company, has officially launched following a significant $11 million capital injection led by RFC Ambrian and Shaw and Partners. The company was formed through the merger of two spinouts from Australia’s national science agency, CSIRO: NextOre, a mining technology outfit, and MRead, an explosives detection startup.
The investment round included participation from various investors, including RFC Ambrian Funds Management and Shaw and Partners’ wealth management group. Other notable investors include global engineering group Worley, electronic solutions developer Codan, and industrial manufacturer Gebr. Pfeiffer.
Both NextOre and MRead utilize the same magnetic resonance technology to detect materials at the molecular level, showcasing the versatility of this innovative approach. NextOre has developed a solution that helps miners extract more value from their operations while reducing water usage, energy consumption, and emissions. MRead, on the other hand, has created the world’s first handheld detector capable of identifying the most common explosives found in landmines.
The merging of these two technologies under MagnaTerra Technologies represents a significant advancement in the application of magnetic resonance technology across different industries. With its strong backing from investors and its foundation in cutting-edge technology from CSIRO, MagnaTerra is poised to make a substantial impact in both the mining and explosives detection sectors.
