CPE News (9.25.2023) – GeologicAI has raised additional US $10 million in Series A funding from Export Development Canada, bringing total Series A funding round led by Breakthrough Energy Ventures to US $30 million.
Founded by Yannai Segal and Grant Sanden, Calgary based GeologicAI builds tools for the mining and exploration industry to make the process of analyzing data more time-efficient and accessible. We take out the tedious, manual data entry and replace it with learning software that continuously improves the user experience. These tools are just the beginning of GeologicAI’s goal to discover more about the planet than ever before.
New funding will accelerate global deployment of GeologicAI’s fleet of AI-powered robot geologists to support the exploration and extraction of the critical minerals required for the energy transition.
photo credit: GeologicAI
News Release
GeologicAI Announces $10M in Additional Funding from Export Development Canada to Accelerate Global Expansion of Its Rock Analytics Platform
September 25, 2023 11:44 AM Eastern Daylight Time
CALGARY, Alberta–(BUSINESS WIRE)–GeologicAI, a global leader in digital rock analysis, announced the closing of an additional US$10 million in funding from Export Development Canada (“EDC”) as an extension to its Series A financing round led by Breakthrough Energy Ventures, bringing the total round of funding to US$30 million. This investment will accelerate global deployment of GeologicAI’s fleet of AI-powered robot geologists to support the exploration and extraction of the critical minerals required for the energy transition.
“EDC is thrilled to support the growth of GeologicAI as the company works to transform how the global mining industry explores for and extracts minerals and metals,” said Guillermo Freire, Senior Vice-President at EDC. “EDC is highly focused on supporting emerging Canadian global champions in key sectors of the future, which includes companies focused on the exploration and production of the critical minerals needed for a lower-carbon future. Our financing will help support GeologicAI’s ongoing global expansion and deployment of its innovative technology.”
GeologicAI’s technology combines hardware, software, and advanced machine learning into an integrated digital rock analytics platform. A proprietary core scanning robot uses a unique blend of high-resolution multi-sensor data to analyze rock samples, providing unparalleled accuracy in identifying resources hidden beneath the Earth’s surface. Advanced machine vision and AI algorithms convert scan data to key rock properties, reducing the need for costly and time-consuming laboratory testing and reliance on subjective manual interpretation.
The company’s cloud-based digital rock viewing and analysis software gives geologists worldwide instant access to high-resolution AI-enhanced digital rock twins and automated digital geoscience workflows. “Mining is a global industry and the critical materials needed are going to come from increasingly remote corners of the planet,” said GeologicAI founder and CEO Grant Sanden. “Our platform gives our clients’ best geologists access to all of their rocks from anywhere in the world, enabling collaboration and knowledge sharing and accelerating exploration and development”.
GeologicAI is already working with some of the world’s leading mining and exploration companies and is excited to leverage the EDC funding to accelerate its global expansion. GeologicAI President David Henderson added, “with a GeologicAI robot already on a ship enroute to Australia, and several more being prepped for imminent shipment to client sites in Finland, Brazil and Chile, we are excited to have EDC’s support and expertise in bringing Canadian technology and resource development know-how to global markets.”
About GeologicAI
GeologicAI, based in Calgary, Canada, is revolutionizing resource exploration by developing AI-driven core scanning robots and software. Their technology generates the most extensive geological dataset in the industry, significantly improving workflows from exploration to extraction. Visit www.geologicai.com to learn more.
About Export Development Canada (EDC)
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.
Contacts
For media inquiries, please contact Jessica Andrew, GeologicAI, Head of Business Development & Marketing marketing@geologicai.com
LinkedIn: https://www.linkedin.com/company/geologicai