Spun out of Germany's RWTH Aachen University after developing its first industrial radar sensor in 2003, and then commercialising the product, indurad said its patented 2-D and 3-D radar systems are installed at mines and ports worldwide "to increase ore throughput and minimise downtime and collisions".
Reik Winkel, indurad CEO and co-founder, said its "radar solutions remove bottlenecks in the movement of ore from mine to ship to market at a fraction of the cost of building larger facilities".
"Bringing Jolimont on board as shareholders represents a significant step in our strategy to build the company to €50 million in revenue," he added.
He said Jolimont brought a strong global mining industry network and "deep understanding of innovative technologies". indurad co-founder Christian Augustin cited the PE company's recent successful exit after being an active shareholder in Canadian mining technology company Newtrax, acquired by Sandvik, and said Jolimont was the right partner for indurad's "next growth phase".
Jolimont's Lyle Bruce and Lex McArthur are joining indurad's board of directors.
"We undertook extensive due diligence on indurad and three things stood out: their best-in-class radar systems, the glowing testimonials from their customers and partners in terms of value delivered, and the high calibre of their engineering and management team," McArthur said.
Jolimont, backed by Resource Capital Funds, said the METS sector presents "outstanding investment opportunities, magnified in an environment of volatile commodity prices and historically high operating costs".
