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Perth-based mining software company CorePlan has successfully completed its first external capital raise, hauling in $4m on the back of surging global demand for its SaaS solution. The funds come amid a crucial need for digitisation of the outdated workflows in mineral exploration as the mining industry gears up for a more connected, data-driven future.
CorePlan’s platform threatens the inertia of traditional methods by eliminating inefficient paper and manual Excel-based systems that still strangely prevail in a multibillion dollar industry. Founded by Alex Goulios, the business was established as a spin out from large independent mining consultancy CSA Global prior to its acquisition by ERM. The bootstrapped business has rapidly established a global customer base for its Drilling Hub and Exploration Hub products. Notable customers include BHP’s Nickel West, Fortescue Metals Group, AngloGold Ashanti, and DDH1.
The mining sector has notoriously lagged in digital adoption - some estimates put it at 30% to 40% less digitally mature than comparable industries, such as construction, automotive or chemicals. In particular, exploration drilling programs, which are worth hundreds of millions of dollars and enable the discovery and acquisition of new mineral deposits, are still managed using outdated methods dating back several decades.
Drilling contractors record information about their drilling activities in logs known as Progressive Logs of Drilling (PLODs), typically on a paper form or punched into a spreadsheet. Mining companies require this information to track the progress of their drilling program, pay their contractors, fulfil statutory compliance obligations, and to inform decision making on mine planning and remediation.
Alex founded CorePlan to digitise these workflows for mining companies and drilling contractors as they ramp up activities to meet surging demand for metals as part of the global transition to renewable energy. Having had a front-row seat to digital transformation in mining companies for more than a decade at CSA Global, Alex understood the need for technology to bring drilling contractors online, improve mining company compliance, eliminate wasteful exploration drilling and improve environmental outcomes.
The business has seen rapid growth since launch, now servicing 77 customers across Australia, New Zealand, North America, South America, South East Asia, Africa and Europe. The platform is home to over 400K drill holes and has seen over 10 million metres drilled across both drilling contractors and miners.
“The outdated approaches in mining have always been a giant elephant in the room” says Founder Alex Goulios. “This has typically stemmed from legacy providers selling multi-million dollar custom development projects to large miners instead of committing to the development of comprehensive industry-wide modern software as a service offering to address the complexities of modern drill programs.”
“During my time at CSA Global, it became abundantly clear that specialised cloud-based software, tailored for exploration drilling, is an absolute necessity. This shift is now more critical than ever due to the soaring demand for specific metals driven by the global transition to green energy. With recent volatility in commodity prices, miners must prioritise efficiency through digitalisation, and this is precisely where CorePlan enters the picture.
“It’s immensely rewarding to partner with industry leaders in both mining and drilling who have worked with us to tackle these problems head-on and build what the platform is today” Alex added.
The $4m investment marks CorePlan’s first capital raise and was led by Sydney B2B SaaS venture fund, EVP. Funds will be used to fuel CorePlan’s expansion globally, while simultaneously supercharging the platform’s technical capabilities.
Mark Velik of EVP commented, “The CorePlan team has done an exceptional job in building a first-class product, servicing tier one global clients, and building a top team, all without outside capital. CorePlan is leading the software space in the sector on how people in mining collaborate more effectively. Customer advocacy for the product is as strong as we’ve ever seen. We’re grateful to be partnering with the CorePlan team to be driving a much-needed change into the industry.”
About CorePlan
CorePlan is a West Australian technology company that helps exploration and drilling companies manage their operations using an ecosystem of web and mobile tools. CorePlan is used by drilling companies and exploration teams alike to digitise their workflows to improve operational efficiencies, save time and money while mitigating risks.
coreplan.io
About EVP
EVP is an early stage venture capital firm focused on B2B software companies. EVP currently has over $250m under management across a portfolio of over 40 software companies. Based in Sydney, Australia, EVP invests entirely in B2B SaaS and marketplace companies across a broad range of industries. Companies include the likes of Ignition, Deputy, Shippit, Lumary, Hnry and Mutinex.
evp.com.au
