CSIRO-developed deep tech startup MagnaTerra launches after $11m raise
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The news: MagnaTerra Technologies, a new Australian deep tech company, has launched today following an $11 million capital injection led by RFC Ambrian and Shaw and Partners.
The context: MagnaTerra merges two spinouts from Australia’s national science agency CSIRO — mining tech outfit NextOre and explosives detection startup MRead.
Investors in the company include RFC Ambrian Funds Management and Shaw and Partners' wealth management group, as well as global engineering group Worley, electronic solutions developer Codan and industrial manufacturer Gebr. Pfeiffer.
NextOre and MRead both use the same magnetic resonance technology to detect materials at the molecular level. NextOre uses the technology to help miners extract more value with less water, energy and emissions. MRead has developed the world's first handheld detector that can identify the most common explosives in landmines.
What they said: “This merger is a consolidation of world-leading science, engineering and commercial momentum into a single vehicle with global reach,” said MRead and MagnaTerra CEO John Shanahan.
The source: MagnaTerra media release
