idoba was formed in July 2021 as an "innovation ecosystem" with an aim to solve the resources sector's most challenging issues.

The company signed a memorandum of understanding with Sumitomo in February for the co-creation and joint development of digital mining products for the advancement of sustainable mining practices.

idoba president Sarah Coleman said the pair had worked collaboratively on several projects since the signing of the MoU earlier this year.

"The execution of this agreement will enable a greater level of co-creation and commitment to accelerate the joint development and market reach of our technology informed services for the resources sector and adjacent industries," she said.

"This evolution of idoba's relationship with Sumitomo is a strong endorsement of the value of idoba's product and service portfolio. Sumitomo has a global opportunity set when it looks for paths to expand its digital innovation group, and this investment is a recognition of the unique capabilities that we have developed."

Sumitomo's investment implies a current idoba equity value of $54 million and enterprise value of $80 million.

Petrenti managing director and CEO Mark Norwell said the investment was recognition of the embedded value of idoba within Perenti, and the substantial growth opportunity that the business represented.

"idoba was launched in July last year and since then we have invested in the expansion of its capabilities and services, including the implementation of appropriate corporate governance structures to support its continued growth," he said.

"This investment by Sumitomo is recognition that in just a short time we have already built a great business capable of delivering very high-quality outputs, underpinned by great people and robust structures that will support the rapid increase in scale."

Perenti will release its full-year financial results tomorrow.

Shares in the company last traded at 70.5c, valuing it at just over $495 million.