Emesent has secured USD $17 million in new funding, combining debt from the National Reconstruction Fund Corporation with equity from a syndicate led by Main Sequence.
The package includes a USD $7 million venture debt facility from the National Reconstruction Fund Corporation and a USD $10 million equity round backed by Main Sequence, QIC Ventures, Orion Resource Partners, Hostplus and NGS Super.
Emesent will use the funding to expand manufacturing at its production facility in Wacol, Queensland, and continue work on its two software platforms, Cortex AI and Aura. The company develops autonomous mapping and robotics technology for mining, defence, architecture, engineering and construction, and critical infrastructure.
The business employs 109 people across its Australian operations and plans to scale in response to demand from overseas markets.
The National Reconstruction Fund Corporation's backing is notable because it marks the organisation's first venture debt investment in a deep technology company. The fund said the move reflected its use of non-dilutive finance to support Australian companies with established commercial traction.
Emesent was spun out of CSIRO in 2018. Its Hovermap system is deployed across more than 200 mine sites globally, with Rio Tinto, BHP and Glencore among the identified users.
Use of funds
Part of the capital will go to Cortex AI, a platform designed to support autonomous operations in environments where GPS is unavailable or conditions are hazardous. Another portion will go to Aura, Emesent's cloud software for processing, visualising and analysing 3D data.
Its wider product line includes the Hovermap STX LiDAR payload for drone, vehicle and backpack use, as well as the GX1 scanner, which combines SLAM, RTK and 360° imagery. Emesent serves customers in more than 40 countries.
Chief Executive Officer Charles Miller described the raise as a step in the company's expansion.
"This investment accelerates everything we're building at Emesent. Our clients operate in some of the most demanding environments on the planet, and they rely on our technology to make those environments understood. NRFC's support means we can scale our manufacturing, push our AI and autonomy capabilities further, and deepen our presence in the sectors that matter most to Australia's future, including mining, defense, and critical infrastructure. We're proud to be building this from Queensland, Australia," said Charles Miller, Chief Executive Officer, Emesent.
Investor backing
Main Sequence has previously backed Emesent in its seed and Series A rounds. The latest raise also includes existing and institutional investors with interests spanning technology, resources and superannuation.
National Reconstruction Fund Corporation Chief Executive Officer David Gall linked the investment to the commercial development of Australian research and broader industrial policy goals.
"Emesent's pioneering physical AI technology was spun out of CSIRO in 2018, and we are proud to be supporting the commercialisation of Australian-developed intellectual property. Robotics and autonomous systems are emerging as critical segments of the Australian economy, and this investment will help anchor these capabilities in Australia - creating highly skilled jobs while strengthening our sovereign capability in sectors that underpin the nation's future," said David Gall, Chief Executive Officer, National Reconstruction Fund Corporation.
Main Sequence said the company had built a strong operating base in challenging industrial settings.
"Since 2018, Emesent has been pioneering how clients map, understand and operate in some of the most complex, dangerous environments around the world, with millions of missions in hundreds of mines and worksites. We're proud to continue supporting Emesent as it scales and makes its world-leading autonomy and analytics platforms available to even more clients," said Mike Zimmerman, Partner, Main Sequence.
The latest funding comes as Emesent seeks to build a business model that combines hardware with recurring software and cloud services. Its installed base in mining and other industrial markets gives it a foothold as it expands beyond mapping devices into onboard autonomy and data software.
The National Reconstruction Fund Corporation has AUD $15 billion available to invest across priority sectors including enabling technologies, defence and value-added resources, placing Emesent within a broader push to support domestic manufacturing and commercialisation of Australian-developed technology.