Vimson Group and New Lab Partner to Explore New Possibilities in Mining

Prospect Mining Studio, a venture studio model dedicated to transforming the $1T mining industry, is inviting startups to apply.

News provided by

New Lab

Oct 17, 2019, 10:48 ET

BROOKLYN, N.Y., Oct. 17, 2019 /PRNewswire/ -- Leading Indian mining conglomerate, Vimson Group, and innovation hub, New Lab, announced a partnership to establish Prospect Mining Studio, a venture studio program bringing together entrepreneurs and industry experts to address the biggest challenges facing the mineral and natural resource mining sector. Prospect Mining Studio harnesses frontier technologies including synthetic biology, computer vision, advanced sensor technology, machine learning, and artificial intelligence to drive growth within the mining industry in a sustainable and socially responsible manner. Vimson and New Lab are calling on startups across the globe to apply and join Prospect Mining Studio to develop transformative products that will positively impact the mining industry.

Pairing New Lab's leadership in advancing emerging technologies and Vimson's unparalleled expertise in the industry, Prospect Mining Studio will focus on enhancing sustainability and closed-loop production, environmental sensing, worker performance and safety, mineral extraction and energy efficiency, data optimization, and more.

Entrepreneurs are invited to submit applications via prospectminingstudio.com to be considered for the first 12-month program cycle, through December 6th, 2019. Teams will be selected on a rolling basis. Interested partners and participants will have an opportunity to convene on December 11th, 2019, for the inaugural Prospect Mining Studio Summit.

"We're thrilled to partner with Vimson Group to bring Prospect Mining Studio to life and to support entrepreneurs in transforming the mining industry through novel technologies," said New Lab CEO, Shaun Stewart. "Everyday tasks from driving, communicating to eating rely on mining industry resources, which provide the foundation of modern life. Prospect Mining delivers a platform for advancing mineral and natural resource extraction by convening diverse, bright minds from academia, the mining industry and frontier technologies to solve significant challenges today."

"Vimson has always believed that we have to stay on the cutting edge of the industry. With New Lab, we have found the perfect partner to bring new ideas and opportunities to one of the world's oldest and most crucial industries," said Vivek Salgaocar, Director of Vimson Group. "Prospect Mining will build a network of partners who can leverage their shared expertise to develop new insights into the field of mining, and allow entrepreneurs the ability to define challenges, prototype rapidly where needed and implement pilots at mining sites."

Prospect Mining Studio is seeking applicants working across advanced technologies, such as synthetic biology, A.I., robotics and automation, data science, computer vision, and energy harvesting. Participants will build proofs-of-concept, and eventually pilot solutions at a number of Vimson and partner mining sites.

About New Lab:
New Lab is a platform for scaling frontier technologies. New Lab's flagship location in the Brooklyn Navy Yard dates back to 1902 and served as the primary machine shop for every major ship launched during World Wars I and II. Inspired by the building's rich history of innovation, Co-Founders David Belt and Scott Cohen envisioned a way to return the building to relevance, launching New Lab in 2016 with the aim of championing forward-thinking entrepreneurs and partnering with corporations, city leaders, and investors to catalyze innovation. Today, New Lab is home to over 140 member companies with a market value of over $2.8B.

About Vimson Group:
Founded over 70 years ago, Vimson Group is an Indian conglomerate with successful ventures in Mining, Trading, Financial Services, and Real Estate Development. Vimson also runs significant philanthropic initiatives in Healthcare and Sports. Vimson owns and operates one of India's oldest iron ore mining companies, transforming natural resources into prosperity for the entire community. Vimson's operations comprise of an integrated value chain that includes exploration, excavation, ore screening and processing, and multi-modal transportation.

Contact: [email protected]

SOURCE New Lab