CPE News (6.30.2023) – GeologicAI has raised a $20 million Series A funding investment from Breakthrough Energy Ventures (BEV).
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 further the development and global scaling of GeologicAI’s fleet of AI-powered robot geologists, accelerating resource exploration and extraction to meet our planet’s increasing demand for critical minerals.
Founded by Bill Gates and backed by many of the world’s top business leaders, BEV has raised more than $2 billion in committed capital to support cutting-edge companies that are leading the world to net-zero emissions. BEV is a part of Breakthrough Energy, a network of investment vehicles, philanthropic programs, policy advocacy and other activities committed to scaling the technologies we need to reach net-zero emissions by 2050.
photo credit: GeologicAI
GeologicAI Announces $20m Series A Funding from Breakthrough Energy Ventures to Accelerate Critical Mineral Supplies for the Clean Energy Transition
June 29, 2023 01:30 PM Eastern Daylight Time
CALGARY, Alberta–(BUSINESS WIRE)–GeologicAI, a global leader in rock and resource digitization services, today announced that it has raised a $20 million Series A funding investment from Breakthrough Energy Ventures (BEV). This financial backing will further the development and global scaling of GeologicAI’s fleet of AI-powered robot geologists, accelerating resource exploration and extraction to meet our planet’s increasing demand for critical minerals.
GeologicAI’s proprietary core scanning robot uses a unique blend of high-resolution imaging, XRF and hyperspectral data to analyze rock samples, providing unparalleled accuracy in identifying resources hidden beneath the Earth’s surface. By leveraging advanced machine vision and AI to analyze high-resolution, multi-sensor rock sample data, GeologicAI can offer faster and more accurate results than traditional core logging methods.
The company’s digital rock viewing and analysis software gives geologists worldwide instant access to high-resolution, AI-enhanced digital rock twins. This comprehensive solution streamlines workflows, promotes global collaboration, and offers unprecedented transparency in exploration and development. These data-driven insights equip geologists and energy scientists with powerful tools for efficient, environmentally conscious resource discovery and extraction.
The global transition to a low carbon economy will necessitate a rapid and responsible expansion in the supply of key minerals like copper, iron, nickel, cobalt, beryllium, lithium, and rare earth elements. Recognizing this, BEV has invested in GeologicAI’s revolutionary approach to core scanning and resource analysis, leveraging artificial intelligence, robotics, and advanced sensor technologies.
“Without sufficient quantities of key minerals like copper, nickel, cobalt, and lithium, the transition to a clean energy economy simply cannot happen,” said Carmichael Roberts, Breakthrough Energy Ventures. “GeologicAI’s multi-sensor core scanning robots and AI-assisted analysis are a powerful combination, and we believe their technology will significantly accelerate key mineral discovery and recovery.”
GeologicAI is already working with some of the world’s leading mining and exploration companies and is excited to leverage the funding to rapidly establish a global footprint. GeologicAI’s CEO, Grant Sanden, believes the industry is just beginning to witness the transformative potential of their technology. He stated, “Our customers recognize the value of our AI-enhanced geological data, which optimizes both discovery and development. We’re delighted to have BEV onboard as we globalize this revolutionary technology.”
GeologicAI’s innovations accelerate the resource production required to meet the demands of the planet’s aggressive climate goals to reach net-zero by 2050. As a planet, we need to move fast. With GeologicAI, we can.
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 Breakthrough Energy Ventures
Founded by Bill Gates and backed by many of the world’s top business leaders, BEV has raised more than $2 billion in committed capital to support cutting-edge companies that are leading the world to net-zero emissions. BEV is a purpose-built investment firm that is seeking to invest, launch and scale global companies that will eliminate GHG emissions throughout the economy as soon as possible. BEV seeks true breakthroughs and is committed to supporting these entrepreneurs and companies by bringing to bear a unique combination of technical, operational, market and policy expertise.
BEV is a part of Breakthrough Energy, a network of investment vehicles, philanthropic programs, policy advocacy and other activities committed to scaling the technologies we need to reach net-zero emissions by 2050. Visit www.breakthroughenergy.org to learn more.
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