CSIRO and RFC Ambrian joined forces to create MRead which launched in 2023. Following NextOre’s success in applying MR technology for bulk ore sorting in the mining industry, RFC Ambrian and CSIRO returned to MR technology and identified the next commercial market. MRead is developing new capabilities for explosive and drug detection, utilising the accuracy of Magnetic Resonance (MR) sensors. MRead’s MR sensors detect explosive and drug targets on a molecular level using radio wave pulses. This method avoids false alarms and can penetrate through concealing material, presenting an opportunity to significantly speed up landmine detection and improve the effectiveness of airport and border security.
RFC Ambrian has unique expertise in commercialisation of mining and heavy industry technologies, through our previous success with Chrysos Corporation (ASX:C79) and NextOre. To supplement our commercialisation capabilities and allow us to bring MRead into the defence and security industries, we engaged John Shanahan to assist in MRead’s formation. John’s extensive background in the UK and Australian military provided invaluable context and experience for developing the business plan and engaging with potential customers, collaborators, and investors. Together, CSIRO, RFC Ambrian and John Shanahan provide the three pillars of commercial success needed to commercialise scientific innovation: scientific excellence, deep industry knowledge and commercial nous.
RFC Ambrian led the business planning exercise, exploring all potential markets for the MR technology. After comparing market dynamics, equipment capability, current and emerging technology, we settled on landmine detection as the highest initial priority for MRead. We completed the seed capital raising during a challenging venture capital period in late 2022-early 2023. RFC Ambrian identified the potential synergies with Codan’s Minelab detection division and facilitated their strategic seed investment in MRead. Our network of high net worth investors also supported MRead.
Subsequent to the initial period of business planning, company formation and seed capital raise of MRead, RFC Ambrian is now assisting with the operations and governance of MRead. The Executive Chairman of RFC Ambrian, Rob Adamson, serves as the Chairman of MRead, and a number of corporate functions are being undertaken by RFC Ambrian. We will stay closely involved with MRead, helping guide the business development and company formation activities as MRead develops their products and builds a team around the technology.
Why did we form MRead?
The overwhelming humanitarian need for MRead’s detection technology is a key driver behind the formation of the company. Landmine contamination is a problem that plagues over 60 countries with approximately 6,500 annual casualties. Humanitarian demining is painfully slow, hampered by excessive false alarms and slow excavation times of both landmines and the false alarms. We see the potential for MRead to deliver significant improvements in clearance speeds of this important work, ultimately improving the safety of vulnerable communities in post-conflict areas. Current security technology generally relies on measuring proxy characteristics to detect a threat, such as the presence of metal or density of a substance. Other direct methods use vapour or swabbing to capture trace amounts of explosives. These methods suffer from large numbers of false positives which slow down security systems or can be defeated by bad actors. The MR technique relies on unique resonance frequencies, creating a highly accurate detection method. For this reason, it has long been pursued as a promising technology.
Previous iterations of MR have struggled to operate in a commercial setting, primarily due to radiofrequency noise overwhelming the signal. CSIRO’s scientists have overcome this limitation, as is evident by the technological success of NextOre’s MR Technology applications in bulk ore sorting. Their unique sensor design has given us confidence that the MR methods can be applied for the security market.
