CyanoGuard obtains half a million to make gold mining sustainable

CyanoGuard is a chemtech startup shaping the future of cyanide detection for the gold mining industry. The company has developed and commercialised its next-generation cyanide monitoring solution, a comprehensive digital platform enabling rapid toxin detection to make gold mining more efficient and environmentally friendly. With CyanoGuard’s platform, gold mining companies are able to reduce cyanide consumption during the gold-mining process by 15-20% through improved process control; lower detoxification costs and save detox reagents by 20%; as well as improve recovery rates. This translates into cost savings and value productivity gains worth several million US dollars per mine per year.

CyanoGuard's customer base is quickly expanding, with three of the world’s top ten gold producers by output among early adopters of CyanoGuard's technology. Among the most recent projects started or scheduled are sites of KCGM in Australia, AgnicoEagle in Finland and Ecolab in Colombia.

The startup has secured half a million from Vimson Group and Newlab’s Prospect Mining Studio, which supports innovators developing solutions to make mining safer, more efficient, and more sustainable. The investment caps the company’s extended seed round—with the first closing in April 2020—at more than $3.5 million. With the additional funding, CyanoGuard will further develop its first-of-its-kind cyanide monitoring and optimization technology platform and scale its customer base in the global gold mining industry. 

Throughout 2020, the Prospect Mining Studio’s cohort of 15 leading companies addressing critical challenges in the mining industry has leveraged the facilities, resources, product realization support, global network, and unique programming provided by the Prospect Mining Studio to develop a range of highly impactful technologies, thereby making mining safer, more efficient, and more sustainable. CyanoGuard is the first company of the Studio’s 15-member cohort to receive funding from the Studio.

“We are delighted to welcome Prospect Mining Studio as an investor,” said Benedikt Kirchgaessler, Founder and CEO of CyanoGuard. “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 realisation support, which have enabled us to expand our platform’s capabilities and gain considerable traction in the global mining industry. I am confident that the Studio’s support will significantly help us in our mission as we build out our solution and scale our business.”

(Press release)