Switzerland-based B2B platform Open Mineral has raised $33 million in a funding round led by UAE’s state-owned holding firm Mubadala Investment Company (Mubadala) to expand its global digital trade platform for base metal commodities.
According to the statement, Open Mineral plans to use the funds to drive its growth, strengthen its physical supply chain merchant activities, and enhance its leadership position in metal raw material trading.
“Existing investors Xploration Capital and Emerald Technology Ventures were joined by new investors Statkraft and Lingfeng Capital in the Series C round,” as per the reports.
Open Mineral’s platform has registered over 900 metals and mining firms around the world. The company has developed proprietary pricing algorithms to drive broader value creation through the commodity supply chain.
Furthermore, the company has developed automated blending or smelter material optimization technologies that enable more efficient, informed, and profitable physical metal raw commodity trading.
Boris Eykher CEO & Co-Founder Open Mineral
“The metal trading industry’s future is in digital data and analytics enabling market participants to communicate faster and make quicker, and more data-driven decisions. Just as eBay revolutionized retail purchasing by bringing more choices to buyers and sellers, we aim to do the same for physical commodity producers in a curated, trusted environment of the Open Mineral platform. Our goal is to give end-to-end service, more information, transparency, and fair market terms to miners and smelters so they can make better decisions and ultimately become more profitable.”
Mr. Faris Al Mazrui, Head of Russia and CIS Investments at Mubadala said, “Open Mineral is disrupting the commodity trading business by leveraging data analytics technology. Buyers and sellers of base metal commodities can tap into a unique and proprietary data hub to trade more efficiently and capture upside. Mubadala has been investing in technology for more than a decade; we see strong potential in Open Mineral and are keen to support its growth and evolution.”
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