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Global commodity and energy trader Mercuria invests $2.1m in Perth tech startup Rise-X

Caitlin ParoczaiThe West Australian
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Camera IconCredit: Ross Swanborough/The West Australian, Rowan Fenn and David Barker from Rise-x on Elizabeth Quay Bridge in Perth.

Switzerland-based commodity and energy trader Mercuria has injected $US1.5 million ($2.1m) into Perth startup Rise-X, which aims to help businesses boost transparency using blockchain and cloud technology.

Rise-X co-founders Rowan Fenn and David Barker have developed a software system that provides complete transparency and accessibility to transactions made from around the world.

The technology enables companies to have access to transactions or services as they take place in real time, with records being stored using blockchain to help avoid contract disputes or human errors.

Mercuria subsidiary Minerva Bunkering has already used Rise-X’s DIANA platform — which combines blockchain and artificial intelligence — to digitally refuel ships to reduce the risks of fraud and increase efficiency.

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The global commodities business was one of Rise-X’s founding customers.

“The software system has proven its potential to improve productivity and to increase transparency and traceability across the global commodities ecosystem,” Mercuria chief operations officer Alistair Cross said in a statement.

Rise-X recently exceeded its $US2.5m funding target by securing $US2.7m from private investment, including Mercuria’s support.

The startup was a recipient of a $895,000 Federal Government grant to accelerate the commercialisation of its DIANA platform.

WA-based Franmarine Underwater Services has used the technology to create a platform to give clients real-time access to their cleaning, repair and maintenance activities, along with an unalterable record of the services performed.

Rise-X’s Mr Fenn, who has over a decade’s experience in strategies and operations with Accenture and Deloitte, said blockchain technology would enable new business models.

It would also help companies address ESG issues as they adapt to operating in a low-carbon world, he said.

“We can create smart contracts that will record carbon emissions from everyday activities so companies can offset those emissions in an open and transparent way,” Mr Fenn said.

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