LLocation technology startup GeoMoby has raised $3 million from multiple European investors to fund the further rollout of its technology to the mining industry.
Some major investment by French companies and individuals drove the bulk of the increase, with additional funds from existing local shareholders and a strategic partner Agreement Hub, in addition to a grant from METS Ignited, the Department’s Australian government-funded growth program of Industry, Science and Resources.
The money is earmarked for expanding sales and business development teams, as well as technical engineers. The new capital follows a $1.25 million raise in 2021. The capital raise was GeoMoby’s second successful round of funding. In 2021, the company raised $1.25 million.
French-born founder and CEO Chris Baudia was was inspired to create GeoMoby’s technology when he visited Australia over a decade ago and learned of an underground mine collapse where rescue efforts were hampered because he didn’t know the exact location of the captives. Baudia knew he could develop a technology to solve that problem. He launched the company in 2013.
GeoMoby focuses on long-term contracts with Western Australian underground mining companies, but its technology can also be applied to surface mining operations and construction sites worldwide. Working with its strategic partner, Agreement Hub, they are also pitching to mining and renewable energy companies to use the location intelligence technology to protect cultural heritage sites.
“We are extremely encouraged by the support from investors in Australia and across Europe, and look forward to further rolling out this industry-leading location technology to underground mines, initially in Western Australia, but then, as word spreads, across Australia and globally,” Baudia said.
“This is an important milestone for our company and I would also like to thank METS Ignited for their vital support and our GeoMoby team.”
The GeoMoby location platform also allows users to trigger alerts and actions based on predefined sets of conditions, including dwell time, body temperature, weather, real-time traffic, user profile, and more. Complex geofences (virtual geographic boundaries) can be configured to trigger custom actions when they are crossed.
“Australian mining companies want to keep their workers – often in remote areas – safe, and this technology is the best, most reliable way to do that in the world right now,” said Baudia.
“This latest funding now enables us to provide Australian miners with a gold standard location service and we are working hard to educate the mining industry about our cost-effective technology.”
The CEO said GeoMoby is now Australia’s most advanced location information platform specializing in live tracking and geofencing for the mining and construction industries.
“We provide a 360-degree viewing platform that helps our customers visualize their assets – trucks, light vehicles, machines – and most importantly, people. This happens in real time, whether in a multi-storey building, in a remote area or even deep in an underground tunnel,” he said.
“We want to make sure that all employees get home safely at the end of the day. Each. Single. Day. That is what drives us forward.”