CyanoGuard, a Switzerland-based chemtech startup that works on cyanide detection for the gold mining industry, received a half-million-dollar investment from US-based incubator Newlab and the Prospect Mining Studio initiative it hosts together with the Vimson Group.
The new funds will allow CyanoGuard to further develop its first-of-its-kind cyanide monitoring and optimization technology platform and scale its customer base in the global gold mining industry.
The solution is a comprehensive digital platform that enables rapid toxin detection and allows gold miners to reduce cyanide use by 15-20% through improved process control. It also allows for lower detoxification costs as it saves detox reagents by 20%, while improving recovery rates by 2%.
KCGM sites in Australia, AgnicoEagle’s in Finland and Ecolab’s in Colombia are already using the technology.
With the $500,000 CyanoGuard received in this seed round, the company has amassed a total of $3.5 million through various investment cycles.
“We are delighted to welcome Prospect Mining Studio as an investor,” Benedikt Kirchgaessler, founder and CEO of CyanoGuard, said in a media statement. “As a member of the Prospect Mining Studio’s first cohort since 2019, CyanoGuard has benefited immensely from the Studio’s invaluable programming, global network, and product realization support, which have enabled us to expand our platform’s capabilities and gain considerable traction in the global mining industry.”