Northern Ireland artificial intelligence mining business raises £1.41million of funding

Northern Ireland artificial intelligence mining business Tribe Technology has conditionally raised approximately £1.41million of funding.

The company's reverse circulation (RC) drilling equipment removes the need for manual human involvement from some of the mining industry’s most dangerous operations.

The raise, through a combination of a placing, subscription and issue of convertible loan notes, will support the firm's growth plans.

Northern Ireland firm Tribe Technology has raised £1.4m (Image credit: Tribe Technology)

Tribe Tech said it had made significant commercial progress since its IPO in September 2023 and a first drill rig will be ready for despatch for shipment to Australia by the end of July 2024,

A first sample system has been delivered to South Africa and is to be used by a drilling contractor to Anglo American.

Charlie King, chief executive of Tribe Technology, said: "We are pleased to complete this fundraise and to have received strong support from new and existing investors.

"This fundraise will allow us to, inter alia, complete the development, commissioning and deployment of the first drill rig in the field and to support the commercialisation phase of the group's sample systems."

In October 2023, Tribe Tech entered into a £3m secured term loan facility agreement with Beach Point Capital (BPC). BPC has agreed to waive all financial covenants (being cash, revenue and EBITDA) for a period of 18 months, with all covenants being reset in 18 months' time at levels to be agreed between the pair.

Shane Lanigan, portfolio manager at BPC, added: "Our amended terms show our support for the team and the world class products they have developed. This is an exciting company doing exciting things and we are glad to be on the journey."

Based in Northern Ireland and Western Australia, Tribe Tech's core activities are the development, in-house manufacturing, and sale of its autonomous RC drill rigs.

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