GeologicAI’s robot geologists get US$20M to scale its fleet

 GeologicAI’s robot geologists get US$20M to scale its fleet

Image courtesy: GeologicAI

GeologicAI, a Calgary-based mining tech startup, has raised US$20 million in Series A funding to scale its fleet of robot geologists. Bill Gates’ Breakthrough Energy Ventures (BEV) led the round. Existing investors GoldenTree Asset Management and BDC Capital also participated in the funding. This latest raise brings the company’s total funding to approximately US$24 million.

The company intends to use the funds to further the development and global scaling of its AI-powered robot geologists. It has equipped the robots with state-of-the-art imaging, as well as XRF and hyperspectral data analysis capabilities. GeologicAI claims that these capabilities enable the robots to identify hidden resources faster & more accurately than traditional core logging.

GeologicAI’s technology uses artificial intelligence to scan and analyze the rock cores. The AI then provides geologists with detailed insights about the composition and structure of mineral deposits. GeologicAI’s technology especially suits well for the exploration of critical minerals. This makes GeologicAI’s work significant as critical minerals are essential for producing clean technologies like EVs and solar panels.

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.”

Grant Sanden, CEO, GeologicAI

Also read: Human-centred robotics: US$10M Series A for innovative HMR

Are AI-based robot geologists a game-changer?

Established by Bill Gates, Breakthrough Energy Ventures backs startups that work towards climate goals and a low-carbon economy. BEV’s recognition of the significance of GeologicAI’s technology underlines its potential to be a game-changer in resource exploration.

Without sufficient quantities of key minerals like copper, nickel, cobalt, and lithium, the transition to a clean energy economy simply cannot happen. 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.”

Carmichael Roberts, Breakthrough Energy Ventures

GeologicAI’s Series A funding round comes at a time of growing interest in the development of AI-powered technologies for the mining industry. In recent years, there has been a surge of investment in AI-powered mining startups. Companies are looking to leverage the power of artificial intelligence to improve efficiency, safety, and sustainability in the mining process.

GeologicAI is among a number of AI-powered mining startups that have raised significant funding in recent years. In 2022, US-based KoBold Metals raised US$192.5 million in Series B funding, led by investment management firm T Rowe Price. About a month ago, we wrote about the US$6 million Series A round of VRIFY, a Vancouver-based mining communications technology platform.


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