The 12 startups selected to join the Studio will apply sustainable and socially responsible technology solutions to the mining industry
Vimson Group and Newlab’s Prospect Mining Studio announced the 12 companies selected to participate in this year’s cohort, the Studio’s second since its initial launch in 2019. As the mining industry increasingly trends towards embracing green solutions to mitigate its impact on climate and the environment, Prospect Mining Studio enables innovative teams to build, pilot, and scale solutions that drive enhanced sustainability and operational efficiency; bring innovation from adjacent industries that have thus far not been applied to mining; and attract private capital to the industry.
As part of the Studio, the startups will work to define critical gaps in the mining industry, develop prototypes, and pilot their solutions at mining sites in order to solve the industry’s most significant sustainability challenges. The Studio’s focus areas include: reducing operational costs; improving the energy efficiency of ore processing; valorizing tailings and reducing waste; maximizing ore understanding; and enhancing worker safety. The cohort companies will address these focus areas by applying various technology platforms from industrial IoT and artificial intelligence to synthetic biology and alternative, low-carbon energy storage infrastructure.
By employing agile experimentation in real-world environments, Studio pilots will enable teams to de-risk their technologies, gain insights for how to best adapt their solutions to the mining industry, and build momentum for adoption and long-term traction. These pilots will also serve to de-risk Prospect Mining Studio’s member companies’ solutions for other industrial and commercial use-cases beyond the mining industry, demonstrating the value of investing in mining innovation to enable clean energy transitions across industries.
“Through the Prospect Mining Studio, Vimson Group and Newlab are collaborating to shape the future of mining by empowering startups to develop and pilot industry solutions with revolutionary potential,” said Vivek Salgaocar, Director of Vimson Group. “Amid the growing climate crisis, the future of mining will be increasingly defined by a trend towards sustainable practices that enhance efficiencies while reducing its impact on surrounding environments. The newly announced cohort of Prospect Mining Studio companies, which include leading innovators from across industries specialising in sustainability, will help the industry bring that future to fruition.”
In January 2021, Prospect Mining Studio announced a global open call inviting startups from both within and outside the mining industry to apply to join the Studio. Following a diligent review and selection process of more than 75 applicants from 17 countries that included feedback from mining industry leaders, Prospect Mining Studio selected the following companies to participate in its 2021 cohort: Pitcrew AI, SBQuantum, Muon Vision, Electramet, SafeAI, Cemvita Factory, Impulstec GmbH, rad. Data, Earth Alive Clean Technologies, Broadbit Batteries, Quidnet Energy and Talpasolutions
“We are pleased to welcome an incredible slate of innovative companies determined to transform the mining industry,” said Satish Rao, Chief Product Officer at Newlab. “As ESG and energy innovation continue to be major priorities for leading mining companies around the world seeking to combat climate change, Prospect Mining Studio strategically sought out innovative teams spanning disciplines, both from within mining and adjacent sectors, developing technology solutions with the power to make mining more sustainable and efficient. Over the coming months, we will work closely to support the startup teams as they build, iterate and validate their unique solutions.”
Prospect Mining Studio has also recently partnered with CMIC, an organisation working to transform mining into a zero-waste industry, to provide Studio companies with opportunities in the global mining industry, particularly in Canada, one of the largest and most forward-thinking mining regions in the world.
This year’s Prospect Mining Studio follows last year’s program, which saw successful product development and innovation support, investment, and partnership cultivation between mining houses and early-stage ventures.
The Vimson Advantage
Founded over 70 years ago, Vimson Group is a Goan foremost conglomerate with successful ventures in mining, trading, financial services, and real estate development. Led by Shivanand V. Salgaocar, Vimson also runs significant philanthropic initiatives in healthcare and sports. Vimson owns and operates one of India’s oldest iron ore mining companies, transforming natural resources into prosperity for the entire community. Vimson’s operations consist of an integrated value chain that includes exploration, excavation, ore screening and processing, and multi-modal transportation.
Innovation at Newlab
Newlab is a community of experts and innovators applying transformative technology to solve the world’s biggest challenges. Newlab membership and studios bring together entrepreneurs, engineers, inventors and industry leaders to create sustainable solutions and enterprises. Newlab employs technologies including robotics, AI and material science to transform what matters most – health, environment, media, cities, and infrastructure.
