Artificial intelligence (AI) mining company, Tribe Technology, has successfully raised approximately £1.41 million in funding. The firm specializes in the development and manufacturing of autonomous reverse circulation (RC) drilling equipment, which eliminates the need for manual human involvement in dangerous mining operations. This recent funding will support Tribe Tech’s growth plans, as the company has made significant progress since its initial public offering (IPO) in September 2023.
Tribe Tech plans to dispatch its first drill rig to Australia by the end of July 2024, with a sample system already delivered to South Africa for use by Anglo American, a prominent drilling contractor. The CEO of Tribe Technology, Charlie King, expressed his satisfaction with the funding round, stating, “We are pleased to complete this fundraise and to have received strong support from new and existing investors.” King also highlighted that the funds will be instrumental in completing the development, commissioning, and deployment of the first drill rig, as well as supporting the commercialization phase of the group’s sample systems.
In a previous move to secure funding, Tribe Tech entered into a £3 million secured term loan facility agreement with Beach Point Capital (BPC) in October 2023. As a show of support for the team and their innovative products, BPC has agreed to waive all financial covenants for a period of 18 months and reset them after the agreed timeframe. Shane Lanigan, a portfolio manager at BPC, expressed excitement about the partnership, saying, “This is an exciting company doing exciting things, and we are glad to be on the journey.”
Tribe Technology operates from Northern Ireland and Western Australia, focusing on the development, in-house manufacturing, and sale of autonomous RC drill rigs. By incorporating AI technology into the mining industry, the company aims to enhance safety measures and streamline operations in hazardous environments.
The successful funding round reflects the increasing recognition of the importance of AI in revolutionizing traditional industries. With the support of their investors, Tribe Technology is well-positioned to drive innovation in the mining sector and continue their mission to automate dangerous tasks. By eliminating the need for manual human involvement, their autonomous RC drilling equipment is set to revolutionize the industry by prioritizing safety and efficiency.
As the mining industry continues to embrace technological advancements, Tribe Technology’s contribution is paving the way for a safer and more streamlined future. With their first drill rig on its way to Australia and a sample system already in use in South Africa, the company is poised to make a lasting impact on the mining industry. The funds raised will not only support Tribe Tech’s growth plans but also accelerate the commercialization of their sample systems and bring their innovative products to market.
Tribe Technology’s success story serves as a testament to the power of AI and its ability to transform industries. By leveraging AI technology, companies like Tribe Tech are pushing boundaries and creating safer, more efficient solutions. As the world progresses into a more automated future, it is exciting to witness the advancements made possible by innovative companies such as Tribe Technology.
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