Open Mineral operates an online platform for trading physical metal commodities, using pricing algorithms and a curated marketplace model to connect buyers and sellers. The company reports its platform has registered more than 900 metals and mining companies worldwide and deploys automated blending/smelter material optimization to improve trade efficiency and margins. OM is working with third-party providers to incorporate "green" ESG metrics across sell-side and buy-side activity and says these tools can help lower carbon footprints in the supply chain. The startup positions itself as a digitization force in a largely paper-based $200 billion commodity trading market. Management also emphasizes data and analytics to enable faster, more data-driven trading decisions and greater market transparency. The company plans to use new capital to solidify its physical supply chain merchant activities and further develop its platform capabilities. Open Mineral operates a cloud-based exchange platform that connects buyers and sellers to trade physical commodities, focused on metal concentrates. The platform provides transparent trading and offers services integral to smooth trade execution such as freight, surveying, financing and insurance. The company was founded in 2017 by Boris Eykher (CEO) and Ilya Chernilovskiy (COO) and is based in Zug, Switzerland. In November 2018 Open Mineral raised €4.8m in a Series B funding round. The company intends to use the capital to expand the reach of its platform. Open Mineral operates the Open Mineral Exchange, a digital platform that uses blockchain to bring together sellers and buyers of physical commodities and reduce reliance on intermediaries. The platform digitizes and streamlines the traditionally paper-heavy trading process for base and precious metal raw materials. It currently focuses on zinc, lead, copper, gold and silver concentrate markets and could expand into other concentrates in the future. The company charges a success-based fee that depends on the value/chemical composition of the material and the volume transacted. Open Mineral closed a $2.25 million investment round to support its development and became the first startup to join the Thomson Reuters Incubator in Zug. The company was founded by Boris Eykher and Ilya Chernilovskiy, both formerly at Glencore, and is headquartered in Baar, Switzerland with operations in Beijing, Lima and Moscow.

Total raised

$41M

Funding rounds

3

Latest round

Series C

Latest activity

Sep 2021