Plotlogic: Why we Invested
At Baidu Ventures, a core investment focus is the application of AI and sensors to heavy industries. We believe that emerging technologies can dramatically improve the efficiency of legacy industries like mining, agriculture and construction, enabling the operators of the future to do more with less. For these reasons, we’re thrilled to announce that we’ve co-led a round of financing into Plotlogic, a category-defining company developing an advanced imaging system for the mining sector.
A World Class Team
When we first met Andrew Job, founder and CEO of Plotlogic, we were immediately impressed by his knowledge of the mining industry and track record of success operating commercial mines. It’s rare to find a founder who understands both business and technology. As a PhD candidate in mine automation, he is truly a unicorn founder, having both deep operational expertise and strong technical competency. Likewise, we believe that the most successful applied AI companies have a complete founding team. As we got to know Andrew, we were equally impressed by his ability to identify and recruit top talent in AI, optics and sensors.
A Greenfield Opportunity
Mining is one of the largest and oldest industries on planet earth, yet many of its tools and technologies have not changed in decades. The exploration phase of mining is largely reliant on the cumbersome and inexact process of extracting and visually analyzing large soil cores. Most mine planning software packages are reminiscent of the Windows 95 era, and rely on hard-coded rules to make decisions.
As we dug into the mining industry, we found significant operational inefficiencies. In order to quickly pay off the loans used to establish the mine, mine operators will often seek to extract the highest grade ore first, as it commands a significant price premium on the open market. We found that the ore maps operators use to identify the high-grade deposits are highly inexact and low-resolution leading to reduced profitability. We quickly realized that advanced ore mapping systems could be critical to improving the yield and profitability of mines around the world.
An Advanced Technology
In order to help mine operators better understand and map the ore body under the ground, Plotlogic leverages advanced AI and a new type of imaging system called a hyperspectral camera. Hyperspectral cameras capture the entire visible and non-visible spectra of a scene at one time. Computer vision algorithms can then identify patterns in the data that would not be detectable in a traditional image.
Plotlogic developed a rugged, truck-mounted hyperspectral imaging system called OreSense that is purpose-built for mining. The OreSense system is designed to rapidly image a rock face before the mine operator excavates. OreSense then computes a high-resolution map of the ore body under the ground, allowing operators to make smarter decisions about where to excavate.
A Powerful Vision
Since our investment, Plotlogic has successfully contracted with some of the largest mine operators in the world, including BHP Iron Ore. These companies are using OreSense to help their field operators make better and more efficient decisions. But PlotLogic’s vision is not only to be a software and services company for mine exploration.
As the cost of hyperspectral cameras comes down, Plotlogic plans to integrate their imaging systems and advanced AI at multiple points in the mine value chain. For example, OreSense can be used to reduce bottlenecks in the ore processing and upgrading phase. By better understanding the composition and grade of the incoming ore, operators can prioritize processing the most valuable material first. With advanced AI, these processing decisions can even be automated, improving the productivity and yield of the mine.
Plotlogic’s longterm vision is to leverage their technology to enable the smart mine of the future. For established operators, this technology will dramatically increase their profits. However, the impact of Plotlogic’s technology could be massive for the many aging or unprofitable mines around the world. For many of these mines, a lack of information makes it difficult to identify and extract higher value ore. With advanced AI and imaging, Plotlogic will help increase the value of these mines, converting a liability into a profitable asset. We’re thrilled to be along for the ride, and happy we could partner with some great co-investors with deep industrial expertise, including DCVC, GRIDS and 8VC.
