Santiago-based Kayyak Ventures has reportedly led a US$10 million series B fundraising by Chilean mining software company, TIMining.
Kayyak says it invests up to $5 million in Latin America-based, revenue-generating businesses.
Komatsu Ventures, major Chilean non-bank fund manager, LarrainVial, Alpha Future Funds and Inversiones Consolidadas were also reportedly among new investors in TIMining, along with the Luksic Group run by the country’s wealthiest family.
TIMining, rebooted as a start-up by CEO Nicolas Jubera five years ago, has been growing sales of its TIMA mine operations management software. The company lists Anglo American, BHP, Rio Tinto, Codelco and other large miners among its customers.
Jubera says TIMining is aiming to grow its client base fivefold and revenue tenfold in the next five years as mine owners seek significant efficiency and productivity gains.
“Usually mines achieve 75-to-80% of their monthly mining plans,” Jubera told Bloomberg this week.
“With our software that should go up by 10 percentage points.”