Vancouver mining-tech startup attracts Silicon Valley VC firm

It raised about $24 million in a Series A financing round

Vancouver mining-tech startup attracts Silicon Valley VC firm
A natural resources tech startup in Vancouver is catching the attention of powerhouse investors in the United States, raising around $24 million in a Series A financing.

According to a report from PE Hub Canada, Jetti Resources secured a chunk of its funding target in a filing with the US Securities and Exchange Commission in August.

Whilst the round's investors were not disclosed, Jetti's website noted that Silicon Valley venture capital group Kleiner Perkins Caufield & Byers, as well as DNS Capital, are the startup's investors.

The group also attracted US backer GreatPoint Ventures, whose co-founder and managing partner Andrew Perlman serves as Jetti's chairman.

Founded in 2014, Jetti is working extensively in the research for new ways of metal extraction from mineral ores. One of its key focus areas is developing a hydrometallurgical technology that yields copper resources from low-grade primary sulfides.

PE Hub Canada said this approach is economical, less capital-intensive, and a green alternative to traditional industry methods. Additionally, the tech startup claims that the process could also improve zinc and nickel sulfide extraction.

Last year, Jetti and the University of British Columbia managed to grab a $300,000 grant from the BC Innovation Council for its research in the development and testing of a copper-extraction process.

Meanwhile, another mining-focused startup, Minesense, recently closed a $19 million round in February backed by big names such as Aurus Ventures, Caterpillar Ventures, Chrysalix Venture Capital, and Cycle Capital Management.

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