Indurad’s New Investors to Put Them on the Radar of Mining Companies Globally
indurad today announced it has accepted a EUR4m equity investment from Jolimont, a global private equity group that invests in high growth mining equipment, technology and services companies.
indurad is the global leader in radar-based automation and productivity solutions for mine sites, train loadouts, stockyard equipment and ship loading facilities. Their patented 2D and 3D radar systems are installed at mining operations and ports worldwide to increase ore throughput and minimise downtime and collisions.
Reik Winkel, indurad CEO and co-founder explains that “indurad’s radar solutions remove bottlenecks in the movement of ore from mine to ship to market at a fraction of the cost of building larger facilities.”
“Bringing Jolimont on board as shareholders represents a significant step in our strategy to build the company to EUR50 million in revenue.” he said. Winkel added that the key reason for selecting Jolimont as an investor was their strong network in the mining industry and deep understanding of innovative technologies. Co-founder Christian Augustin acknowledged the success of Jolimont as an active shareholder in Newtrax, recently acquired by Sandvik, making them perfect partners for indurad’s next growth phase.
Jolimont’s Lyle Bruce and Lex McArthur will be joining the indurad board of directors. Bruce is a partner of RCF Jolimont and was formerly Managing Director of GroundProbe, the leading radar-based rock-slope monitoring provider, from 2003 to 2013. He is Chairman of MineWare Pty Ltd, a dragline monitoring software company and Chairman of Blast Movement Technologies, providing solutions that accurately locate ore and waste zones after blasting. McArthur, a founding partner of Jolimont, is also a director of Blast Movement Technologies and is a director of Minnovare, specialising in improving the productivity of underground drilling operations.
“We undertook extensive due diligence on indurad and three things stood out; their best-in-class radar systems, the glowing testimonials from their customers and partners in terms of value delivered, and the high calibre of their engineering and management team”, McArthur said.