By Cecilia Butini
BASF Venture Capital GmbH is investing in U.K.-based mining artificial intelligence company IntelliSense.io, the two companies said Tuesday.
BASF Mining Solutions, the German company's mining division, is also entering in an exclusive partnership with IntelliSense.io, the companies said.
A group of U.K.-based technology investors will participate in BASF Venture Capital's investment round, the companies said.
According to the statement, IntelliSense.io provides technology to help mining companies optimize their extraction process.
BASF Venture Capital's managing director Markus Solibieda said IntelliSense.io's Artificial Intelligence system can help "optimize the metal lifecycle from extraction to processing to disposal."
IntelliSense.io founder and Chief Executive Sam G. Bose said the capital raised through the investment rounds will be deployed to increase the company's application portfolio and to support distribution capacity.
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