Open Mineral, a global digital trade platform for base metal commodities, has raised $33 million in a Series C funding round led by Mubadala Investment Company.
Xploration Capital, Emerald Technology Ventures, Statkraft Ventures and Lingfeng Capital joined the round for Swiss-based Open Mineral.The metal raw commodities market is a $200 billion space, with most of its participants still trading via paper documents.
Open Mineral is looking to upend this, registering over 900 metals and mining companies to its digital platform.
The company has developed proprietary pricing algorithms it says drive broader value creation through the commodity supply chain.
It also stresses the work it is doing to boost the sector’s green credentials, working with third-party providers to incorporate ESG metrics across the sell-side and buy-side, as well as developing automated blending/smelter material optimisation solutions.
Boris Eykher, CEO, Open Mineral, say: “The metal trading industry’s future is in digital data and analytics enabling market participants to communicate faster and make quicker, and more data-driven decisions.
“Just as eBay revolutionised retail purchasing by bringing more choices to buyers and sellers, we aim to do the same for physical commodity producers in a curated, trusted environment of the Open Mineral platform.”