CyanoGuard Raises CHF 3 Million to Advance Safe and Efficient Cyanide Detection

Benedikt, what is CyanoGuard's mission, and what solution do you offer?
CyanoGuard's mission is to minimize toxic reagent usage and improve precious metal recoveries for gold mines by providing a reliable, user-friendly, and intelligent real-time cyanide monitoring and optimization solution. Our first commercial application is a digital, AI-based solution for the gold mining industry, where mining operators can efficiently control and optimize the usage of cyanide. Essentially, our data-driven and connected solutions allow mining operators to extract more gold more efficiently while reducing their operating costs and environmental footprint. We are also in the process of developing cyanide detection solutions for healthcare and food safety applications. Specifically, healthcare solutions that allow healthcare professionals to effectively diagnose cyanide intoxication in smoke inhalation victims and quickly apply the appropriate treatment.



How do the CHF 3 million help you achieve this mission?
In the last months, our main challenge has been the fact that we did not have the resources to provide mines and clients our solution beyond a pilot scale. Now, thanks to the newly raised funds, we are able to scale our solution and its production to a level necessary to support a full-scale integration into the process of gold mining operations. In particular, we will focus on expanding the digital, AI-based aspects of our optimization solution to capitalize on the tremendous value it creates for mines. While we want to stay focused on the mining industry in the next couple of months, a part of the funding is dedicated to expediting the go-to-market for our medical test.

In 2016, Venture Kick supported your startup with CHF 30,000. How has this investment helped you lay the foundation for this seeding round and your success in 2020?
The generous support we received from Venture Kick was a significant catalyst for the success of CyanoGuard and helped to get the company started. One of the things I personally found most helpful in the Venture Kick program was the pitching sessions. Receiving feedback and critical questions from the expert and investor jury was tremendously valuable to improve and grow CyanoGuard.

How does COVID-19 affect your business and your priorities?
With the current situation, the safety and well-being of our team is our first priority. We are closely following all announcements and recommendations from the Swiss Federal Office of Public Health (BAG) and have also stepped up hygiene measures, introduced spread work schedules, and moved our team to home office wherever possible. Currently, most mining conferences and exhibitions are postponed or put on hold, but we are still able to utilize various online channels to reach out to our stakeholders. It is, however, still early to tell what the long-term effects of COVID-19 will be on the global economy and the mining industry. What we are learning, according to various sources, is that major gold producers have increased their measures both on-site and at the corporate level (ensuring social distancing, hygiene practices, and remote working if possible). In some cases, as a further response, some gold mining operators have decided to temporarily suspend or reduce mining activities. Yet, on the other hand, global uncertainty has caused the gold price to significantly rise to a level of 30% higher compared to last year, which will likely result in an increase in gold mining activity. Having said that, our priorities have not dramatically changed because of COVID-19, and we continue to see interests from mining operators and will leverage on the new funding to scale our operations and bring the company to the next level.



In 2016, CyanoGuard was supported by Venture Kick with CHF 30,000; the company was also one of the Top 100 Swiss startups in 2018.