Calgary-based GeologicAI, a leader in digital rock analysis, has announced the closing of an additional $10 million in funding from Export Development Canada (EDC) as an extension to its Series A financing round. The initial Series A was led by Breakthrough Energy Ventures, and with this recent investment, the total funding in this round now amounts to $30 million. The newfound capital will be instrumental in propelling GeologicAI’s mission to accelerate its global expansion and bolster the deployment of its AI-powered robot geologists.
GeologicAI’s innovative technology is poised to transform the way the global mining industry explores and extracts critical minerals necessary for the global energy transition. Combining hardware, software, and advanced machine learning, the company has developed an integrated digital rock analytics platform. At its core is a proprietary core scanning robot equipped with high-resolution multi-sensor data capabilities that can analyze rock samples with unprecedented accuracy. This eliminates the need for costly and time-consuming laboratory testing, reducing reliance on subjective manual interpretation.
The platform is further enriched by advanced machine vision and AI algorithms that convert scanned data into key rock properties. What this means for geologists and mining professionals is rapid access to high-resolution AI-enhanced digital rock data and automated digital geoscience workflows through cloud-based software. This revolutionary approach significantly expedites exploration and development processes while enhancing collaboration and knowledge sharing among geologists globally.
“GeologicAI is thrilled to receive the support of Export Development Canada as we work toward reshaping the future of mineral exploration and production within the global mining industry,” said Guillermo Freire, Senior Vice-President at EDC. “EDC is committed to aiding emerging Canadian global leaders across vital sectors, including those focusing on critical minerals essential for a sustainable future. This financing will play a crucial role in GeologicAI’s continued global expansion and deployment of its groundbreaking technology.”
GeologicAI has already established partnerships with some of the world’s foremost mining and exploration firms. The recent injection of funds from EDC is expected to catalyze its global reach and expedite the deployment of its pioneering AI-powered solutions.
“With a GeologicAI robot already en route to Australia and several more in the pipeline destined for client sites in Finland, Brazil, and Chile, we are excited to have EDC’s support and expertise as we bring Canadian technology and resource development know-how to markets worldwide,” noted David Henderson, President of GeologicAI.
As the demand for critical minerals intensifies to fuel the green energy revolution, GeologicAI’s platform stands to revolutionize how these invaluable resources are explored and harnessed. The company’s vision is to empower mining professionals with cutting-edge AI technology, catalyzing a sustainable and efficient future for the mining industry.