AI company GeologicAI secures $44 million in funding to harness AI technology for sourcing essential minerals.
GeologicAI, a Calgary-based company, has raised US$44 million in a Series B round, led by Swiss impact investor Blue Earth Capital. The funding will be used to scale the company's advanced geoscience platform, which is set to revolutionize the mining industry by leveraging artificial intelligence (AI) and integrated sensors to scan and analyze drill core samples in real time.
The technology developed by GeologicAI is disrupting traditional, time- and cost-intensive workflows with AI-powered analytics and modeling solutions. Mining giants BHP and Rio Tinto, as well as Bill Gates' cleantech fund Breakthrough Energy Ventures, participated in the round.
The AI-driven platform provides detailed mineralogical insights that accelerate the discovery and development process of deposits like lithium and copper, which are vital for clean energy technologies. Carmichael Roberts of Breakthrough Energy Ventures stated that GeologicAI's AI-driven process is accelerating the discovery and development of new mineral deposits, strengthening the mineral pipeline essential for electrification.
GeologicAI's technology is aimed at helping mining companies make faster and more accurate decisions, improving exploration efficiency and reducing environmental impact. The company's mission is to continue accelerating and scale globally, covering mining jurisdictions across five continents.
Mining majors BHP and Rio Tinto have joined as customers and collaborators with GeologicAI. BHP's Vice President of Ventures, Laurel Buckner, stated that GeologicAI's technology is addressing a pressing challenge in the mining sector. GeologicAI CEO Grant Sanden expressed pride in the impact the company has already had and is honored by the support of its investors and industry leaders.
The mining industry is showing a growing sense of urgency to unlock critical minerals like lithium and copper, while reducing waste. GeologicAI positions itself at the intersection of clean energy, industrial innovation, and AI, playing a critical role in the discovery and development of these essential minerals for the energy transition toward electrification.
This technology has the potential to reshape how ore bodies are discovered, evaluated, and sourced, offering a more sustainable and efficient approach to the mining industry. The collaboration between GeologicAI and industry leaders like BHP, Rio Tinto, and Breakthrough Energy Ventures demonstrates the mining sector's urgency to secure critical minerals while enhancing operational efficiency and sustainability.
Investing in GeologicAI's advanced technology, powered by artificial intelligence and integrated sensors, will contribute to finance the scaling of its platform, revolutionizing the mining industry for energy transition. With participation from mining giants, cleantech funds, and industry leaders, this AI-driven technology will expedite the discovery and development of vital minerals like lithium and copper, reinforcing the global mineral pipeline essential for sustainable electrification.
