SciAps, Inc., the leading provider of handheld analytical instruments, today announced it has closed a $4.3 million Series B funding round.
New investor Jolimont Global Mining Systems (Jolimont Global) led the round with strong participation from existing investors Gefinor Ventures, Rand Capital and SciAps CEO and Founder Donald Sackett, and from new investors Enhanced Capital and Corn Bay Associates.
The funding round follows the successful launch of SciAps LIBS instruments and will accelerate the planned development of a range of high performance handheld analyzers.
As part of the funding, Charles Gillies, Chief Investment Officer at Jolimont Global will join SciAps’ board of directors. The Company will use the funding to scale its global sales and marketing operations and to accelerate the development of its product line, which includes its flagship Laser Induced Breakdown Spectroscopy (LIBS) instruments along with its RAMAN, and Near Infrared (NIR) instruments. Customers using SciAps line of high performance handheld instruments can detect and analyze any element, compound or mineral anywhere on the planet at any time.
“SciAps develops and markets high performance handheld instruments for the industrial and safety/security markets,” said Don Sackett. “Jolimont’s focus on investments in mining and exploration technology companies and its extensive network within those communities is invaluable to us as we accelerate our penetration of these key markets. At next month’s Society of Economic Geologists (SEG) Conference in Tasmania (a major worldwide mining show) we plan to introduce a number of enhancements to our LIBS instruments specifically tailored to meet the needs of the mining and exploration markets. Jolimont’s expertise and support of these efforts will be invaluable to us as we grow our presence in these critical markets.
As companies continue to look for ways to increase operational efficiency and time to market, the analytical and operational software (built on the Google Android Operation Systems) integrated into SciAps instruments enables real time analysis of elements, compounds and minerals without the time and effort required to send samples from the field to the lab for analysis.
“Jolimont Global is very pleased to support this innovative and exciting new technology”, said Charles Gillies. “SciAps’ handheld instruments will significantly reduce the cost and improve the efficiency of geological sampling in the mining industry. This strong technology is backed by a world leading team that has already built a business in this area.”
About Jolimont Global Mining Systems
Jolimont Global invests in high growth mining equipment, technology and services (METS) companies. The METS sector presents outstanding investment opportunities, magnified in an environment of volatile commodity prices and historically high operating costs. Mining companies rely increasingly on METS companies to provide incremental as well as step-change solutions to improve productivity and lower costs. Jolimont Global has a highly experienced senior executive team with extensive commercial experience in mining, technology, private equity and finance. Jolimont Global is a joint venture between Jolimont Capital, a technology investor founded in 2003 and Resource Capital Funds.
For more information, please visit: www.jolimontgms.com
About Resource Capital Funds
Resource Capital Funds (“RCF”) is a private equity firm established in 1998 with a mining sector specific investment mandate spanning all hard mineral commodities and geographic regions. Since inception, RCF has supported 137 mining companies, with projects located in 44 countries and across 29 commodities. RCF is currently investing its sixth fund with committed capital of $2.04 billion. RCF has a strong team of technically diverse investment professionals, with wide ranging industry expertise and demonstrated history of investments in mining globally. RCF’s track record is based on its ability to pick technically and commercially compelling assets and support management to achieve desired outcomes whilst remaining throughout a source of patient capital. RCF aims to partner with companies to build strong, successful and sustainable businesses and in doing so strives to earn superior returns for all shareholders.
For more information, please visit: www.resourcecapitalfunds.com
About SciAps
Founded in 2012, SciAps is an instrumentation company specializing in handheld instruments that are used to identify compounds, minerals, and elements, both on-site and in real-time. The company’s flagship product for the mining sector is the LIBZ Z – a family of handheld elemental analyzers using the spectroscopic technique known as laser-induced breakdown spectroscopy (LIBS). The company has sold nearly 100 analyzers into a variety of applications, with strong interest from the mineral exploration community. The interest from the mining sector is due to three advantages of the LIBZ technology compared to other handheld technologies: a) a wider elemental range, extending down to hydrogen in the Periodic Table of Elements, b) the 50 um rastered laser that allows in-field micro analysis for the first time ever, and c) there is no x-ray radiation, as the device is entirely laser-based. Founded in 2012, SciAps is headquartered in Woburn, MA. Manufacturing, service and customer support are operated from the company’s fully ISO-certified facility in Laramie, WY. SciAps maintains worldwide sales and service alliances, with installation and training available globally.
For more information, please visit: www.sciaps.com.