Spun out of Germany's RWTH Aachen University after developing its first industrial radar sensor in 2003 and then commercialising the product, indurad says its patented 2D and 3D radar systems are installed at mines and ports worldwide "to increase ore throughput and minimise downtime and collisions".
"Bringing Jolimont on board as shareholders represents a significant step in our strategy to build the company to EUR50 million in revenue," indurad CEO and co-founder Reik Winkel said.
He said Jolimont brought a strong global mining industry network and "deep understanding of innovative technologies". indurad co-founder Christian Augustin cited the PE company's recent successful exit after being an active shareholder in Canadian mining technology company Newtrax, acquired by Sandvik, and said Jolimont was the right partner for indurad's "next growth phase".
Jolimont's Lyle Bruce and Lex McArthur are joining indurad's board of directors.
"We undertook extensive due diligence on indurad and three things stood out; their best-in-class radar systems, the glowing testimonials from their customers and partners in terms of value delivered, and the high calibre of their engineering and management team," McArthur said.
Jolimont, backed by Resource Capital Funds, says the METS sector presents "outstanding investment opportunities, magnified in an environment of volatile commodity prices and historically high operating costs".