Brisbane robotics company Emesent has secured 10 million dollars in venture debt from the National Reconstruction Fund Corporation, marking the first time the federal investment body has provided this type of financing to any company.
The NRFC has 15 billion dollars to deploy across seven priority areas of the Australian economy. NRFC chief executive David Gall said "robotics and spatial computing are emerging segments of the Australian economy," while chief investment officer Dr Mary Manning described the deal as marking "the NRFC's first foray into providing venture debt."
Mapping technology built for the dark
Emesent was founded in 2018 as a spin-out from CSIRO's Data61 unit. Its core product, Hovermap, pairs LiDAR sensors with autonomous drones to create 3D maps of hazardous, GPS denied environments such as underground mines and tunnels. The technology is already deployed across more than 200 mine sites globally, with customers including Rio Tinto, BHP and Glencore.
Funding a bigger workforce
Emesent chief executive Charles Miller said the company's clients "operate in some of the most demanding environments on the planet," underscoring the need for reliable, well funded technology development. The new capital will go toward scaling up manufacturing operations, advancing the company's artificial intelligence and autonomy capabilities, and expanding its workforce, with 21 new roles expected to be created in Australia as a result of the funding.
