# Open Mineral

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/open-mineral

- Industry: Software
- Headquarters: Switzerland
- Website: www.openmineral.com
- Total disclosed funding: $38M
- Latest round: Series C (Sep 16, 2021)
- Investors on record: 6

## About

Open Mineral AG is a global metal trading company that specializes in procurement, logistics, and financing of raw and refined metals, utilizing advanced AI and data analytics to connect suppliers with consumers.Founded in 2017 and headquartered in Switzerland, Open Mineral AG functions as a global metal trader. The company was established by Boris Eykher and Ilya Chernilovskiy, who have prior entrepreneurial experience. Open Mineral has successfully completed 3 deals, with its most recent being a SERIES C funding round on September 16, 2021, which raised USD 33.00 mn from Mubadala Investment Company and other investors.Open Mineral operates as a global metal trader specializing in the procurement, financing, logistics, and distribution of both raw and refined metals. Leveraging advanced artificial intelligence and data analytics, the company connects suppliers and consumers, enabling efficient transactions in the metals market. Their core offerings include facilitating physical and paper trading solutions that cater to a diverse clientele, which encompasses miners, smelters, traders, and engineering companies. The strategic implementation of data-driven solutions allows Open Mineral to address various challenges within the industry, such as enhancing supply chain transparency and optimizing trading operations. The company serves a wide geographical market, with a focus on regions including Europe, Asia, and North America, thereby positioning itself as a key player in the global metals trading landscape.Open Mineral generates revenue through transactions that occur within its trading platform, where it facilitates the exchange of metals between various stakeholders. These transactions typically follow a B2B model, where miners and smelters partner with Open Mineral to access a broader market for their products. The company's revenue structure is underpinned by service agreements that outline terms for procurement and logistics, creating a streamlined process for clients. Notably, the flagship services offered by Open Mineral are designed to enhance efficiency and reduce costs associated with trading in raw and refined metals. This transactional approach emphasizes the value derived from their AI-powered platform, which is instrumental in driving business and fostering long-term partnerships within the metals industry.In September 2021, Open Mineral AG raised USD 33.00 mn in SERIES C funding led by new investor Mubadala Investment Company, with participation from other new investors Lingfeng Capital and Statkraft Ventures, as well as returning investors Emerald Technology Ventures and Xploration Capital. The company will use the funding to accelerate growth, solidify its physical supply chain merchant activities, and advance its position in digitizing metal raw material trading. Specific plans include introducing new products aimed at enhancing trading efficiencies and expanding into additional markets in Asia and North America by 2023.

## Funding rounds

- Series C, Sep 16, 2021, $33M — Emerald Technology Ventures, Mubadala Investment Company, Statkraft Ventures, Lingfeng Capital, Xploration Capital
- Series B, Nov 23, 2018, $5.5M — Emerald Technology Ventures, Newmont Goldcorp

## Investors

- Emerald Technology Ventures (https://capitalatlas.ai/funds/emerald-technology-ventures) — Series B, Series C
- Newmont Goldcorp — Series B
- Mubadala Investment Company — Series C
- Statkraft Ventures (https://capitalatlas.ai/funds/statkraft-ventures) — Series C
- Lingfeng Capital (https://capitalatlas.ai/funds/lingfeng-capital) — Series C
- Xploration Capital (https://capitalatlas.ai/funds/xploration-capital) — Series C