Two Australian startups, NextOre and MRead, have officially merged to form MagnaTerra Technologies, a deeptech company now valued at US$150 million.
Both startups originated from CSIRO, Australia’s national science agency, and specialise in magnetic resonance technology—a cutting-edge method used to detect a range of materials including minerals, explosives, and narcotics.
Founded in 2017, NextOre focused on developing advanced sensors capable of distinguishing copper ore from waste rock, significantly improving mining efficiency. Meanwhile, MRead built high-precision landmine detectors that outperform conventional metal detectors in both accuracy and safety.
Together, through this strategic merger, the two companies aim to revolutionise the resource and security sectors by combining their expertise and expanding the applications of magnetic resonance technology globally.
Following the merger, NextOre shareholders now own a 65% stake in MagnaTerra Technologies, giving them a majority share in the newly formed deeptech company.
As part of the deal, MagnaTerra secured an $11 million capital raise, led by RFC Ambrian’s QCM Fund, with additional backing from Shaw and Partners as well as several private investors. Moreover, CSIRO has retained a one-third ownership stake, maintaining its strategic involvement in the company’s future direction.
Furthermore, in a key leadership move, MagnaTerra appointed John Shanahan, former CEO of MRead, as its new CEO. The company expects his leadership to drive global expansion and advance the development of magnetic resonance technology across vital industries like mining, security, and defence.
The merger of NextOre and MRead to form MagnaTerra Technologies marks a significant milestone in Australia’s deeptech landscape. MagnaTerra Technologies, now valued at $150 million, brings together strong investor backing and strategic support from CSIRO to drive innovation in magnetic resonance technology across key sectors such as mining, security, and defence. Moreover, CEO John Shanahan leads the company’s efforts to expand its global footprint and transform the application of advanced sensing technologies worldwide.
