Founded in 2017 by former Glencore asset managers Boris Eykher and Ilya Chernilovskiy, Switzerland-based Open Mineral aims to apply digital tools and transparency to the world of metal concentrates trading. Image Credit: Reuters

Dubai: Open Mineral has raised $33 million in a round led by Abu Dhabi’s Mubadala Investment Company to accelerate growth of its platform for base metal commodities.

Existing investors - Xploration Capital and Emerald Technology Ventures - were joined by new investors Statkraft and Lingfeng Capital in the Series C round.

Open Mineral will use the capital to continue to “accelerate its growth, solidify its physical supply chain merchant activities, and advance its leading position in digitizing metal raw material trading”.

Open Mineral’s platform has registered over 900 metals and mining companies. The company has developed proprietary pricing algorithms to drive broader value creation through the commodity supply chain.

“The metal trading industry’s future is in digital data and analytics enabling market participants to communicate faster and make quicker data-driven decisions”, said Boris Eykher, CEO and co-founder of Open Mineral.

“Just as eBay revolutionized retail purchasing by bringing more choices to buyers and sellers, we aim to do the same for physical commodity producers in a curated, trusted environment of the Open Mineral platform.”