GeologicAI – a global leader in digital rock analysis – recently announced the closing of an additional $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 $30 million.
This funding round will accelerate the 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.
The company’s technology combines hardware, software, and advanced machine learning into an integrated digital rock analytics platform. And a proprietary core scanning robot utilizes 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. Plus, 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 offers geologists worldwide instant access to high-resolution AI-enhanced digital rock twins and automated digital geoscience workflows.
eologicAI has been working with many of the world’s leading mining and exploration companies and is excited to leverage the EDC funding to accelerate its global expansion.
KEY QUOTES:
“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. 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.”
— Guillermo Freire, Senior Vice-President at EDC
“Mining is a global industry and the critical materials needed are going to come from increasingly remote corners of the planet. 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 founder and CEO Grant Sanden
“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.”
— GeologicAI President David Henderson
