Two start-ups being built on technology invented by the CSIRO to detect explosives and critical minerals have merged to form a new company called MagnaTerra Technologies, with an investment valuing it at approximately $150 million.

NextOre and MRead had a common major shareholder in RFC Ambrian, a resources advisory firm that also invests in deep tech start-ups, which smoothed the way for the two companies to merge. Following the transaction, NextOre’s shareholders own 65 per cent of MagnaTerra.