IMARC: new knowledge network Torqn it up

Privately held ‘knowledge network’ Torqn is in full force of a Series A financing with $5 million being raised to help fund growing the company’s team and facilitate entering into new market segments outside of mining.

Speaking to Mining.com.au today (1 November 2023) on the sidelines of the International Mining and Resources Conference (IMARC) in Sydney, Marketing and PR lead Diana Harb says the capital will also be used to roll out new ideas, with a focus on developing revenue streams.

Torqn is an innovative new platform and app that connects people in the mining industry based on the commodities they mine, and the equipment they own, use, fix or make. It has been designed for operators, engineers, maintainers, owners, suppliers, and manufacturers to connect and share knowledge about equipment.

Harb says: “We’re looking at enterprise white label solutions for alternative industries, rolling out into the next industry, such as construction. Rolling out into an industry obviously takes a whole lot of funds from marketing to building up the tech in the app.

So, definitely scaling out into different sectors and industries beyond mining, that’s without a doubt our primary goal. Everything from construction to agriculture, aviation, automotive, medical. There’s a huge number of industries that we have in the pipeline ready to go within the next 3 to 5 years.

We’d also like to see a lot more involvement in the OEM, so we’re building out that relationship with OEMs, both on the app and in the background as well, with enterprise being a huge part of our model.”

The Series A follows $3 million in seed funding raised prior to launch of the company, which was founded by Troy McDonald in 2021, a former President of a coal business for a major mining company. Brett Baker is co-founder and Operations Lead. He had a 15-year career with BHP (ASX:BHP) as a Health, Safety and Training Manager.

Harb tells Mining.com.au in 2021 Torqn went into development for just over a year before launching its product into the Apple and Google android stores in December. The knowledge network company executed a hard launch to the market in the first week of March of this year.

While no firm decision has been made, the company could consider listing on the Australian Securities Exchange (ASX) down the line as it’s growth trajectory looks impressive. With a team of about 11 full-time employees, a presence in 120 countries, and 40,000 active users, Torqn is building momentum and expanding rapidly with about 2,000 new users coming on board each week.

Harb says Torqn is “not just another social media platform” – it’s a new type of knowledge network as equipment is followed instead of people; every post is connected to equipment; and users join ‘loops’, which are organised focus-areas in mining based around the commodity mined or the process the user’s involved with.

She adds Torqn operates in a niche market and while Facebook and LinkedIn operate in a similar space, they have a different purpose and target audience. The Torqn app enables people to post, comment, discuss, and review their equipment in detail, under categories including Operating, Problems, Improvements, Safety, and Reviews.

Mining.com.au is an official media partner of IMARC, which is showcasing 470-plus mining leaders and resource experts throughout 7 concurrent conferences.

Write to Adam Orlando at Mining.com.au

Images: Torqn
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Written By Adam Orlando
Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.