QUÉBEC CITY, July 10, 2024 /CNW/ - Point Laz, a Québec City-based SME, raised $1.2 million following a round of venture capital financing led by i4 Capital Fund, enabling the worldwide marketing of its Lazaruss scanning device. This optical tool is revolutionizing mine shaft inspections not only by significantly reducing inspection time, but also by ensuring greater safety for mine workers.

A technology that saves time, reduces costs, and improves safety
This is a first in the mining world. This system is an incredible added value for mining companies around the world as it improves four key aspects of the industry:

1. Lazaruss enables the automation of mine shaft inspections, generating reliable, structural and visual data for continuous monitoring of mine shaft conditions. A history log is maintained and can be used to compare changes over time.
   
   
2. It saves several hours a month in inspection time for critical infrastructure. This boosts both production time for ore extraction and revenue as the technology in place cuts down weekly inspections to just one hour.
   
   
3. It significantly increases the safety of mine workers, since it removes the need for manual inspections. In addition, technology can detect minimal changes that cannot be observed with traditional methods.
   
   
4. The various data collected are processed automatically using AI and a proprietary algorithm and also allows for better planning and mine shaft maintenance.

Various prominent international companies are already showing interest
With the financing announced today, the company will be able to take the next step in its growth. Its first 10 commercial Lazaruss scanners are set to be produced and exported worldwide and the company is on track to positioning itself as an international leader in Canada, the United States, South Africa, and Australia.

There is already a lot of demand. Many major mining companies have had the opportunity to use the technology in their operations and want to acquire it and implement it as quickly as possible.

Québec engineering
Backed by a team of experienced engineers, Point Laz is proud to announce that this technology, which will transform the way things are done in the industry and ensure better mine safety, was developed locally. 

Part of this funding also comes from the City of Québec, which has offered $400,000 to start-ups as part of the Seed Capital—Business Acceleration—New Innovative Business component of Vision entrepreneuriale Québec 2026.

Quotes
"The financing round announced today is a major milestone for Point Laz. Since 2020, we have been working to create a solution that will lead to safer and more profitable mines by optimizing a critical step in mining operation. With this financing, we are ready to move on to the next marketing step and we are oh so proud to put Quebec's engineering team 'on the map'. Lazaruss will strengthen mine worker safety and operational performance."

- Alexandre Grenier, President and CEO of Point Laz

"i4 Capital Fund is proud to partner with Point Laz, an innovative company that offers mining companies a revolutionary solution to ensure worker safety and continuity of operations. Through this collaboration, we reinforce our commitment to the development of advanced technologies that address the critical challenges of the mining industry, while supporting safer and more efficient practices."

- Jean-François Grenon, Founding Partner, i4 Capital

Founded in 2020, Point Laz integrates ongoing monitoring technologies at underground mining sites to improve operations and ensure the safety of miners. Point Laz is revolutionizing mining safety and performance standards in the industry, paving the way for automated mine shaft inspections, performance analysis and miner safety to support people, businesses and their environment.

SOURCE Point Laz