CSIRO start-ups merge to create $150m company
Two start-ups being built on technology invented by the CSIRO to detect explosives and critical minerals have merged to form a new company called MagnaTerra Technologies, with an investment valuing it at approximately $150 million. Tess Bennett from the AFR has shared the news of our merger with NextOre Limited and recent capital raise.
John Shanahan CEO of MRead and now MagnaTerra, Chris Beal, chief executive of NextOre and Rob Adamson, the chairman RFC Ambrian
“They are the only groups in the world doing this successfully. It seemed bonkers to carry on doing it in parallel,” Rob Adamson, the chairman of MagnaTerra says. “It just made sense to put all the scientists in a room together.”
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