GeologicAI, a high-resolution decision engineering company, has announced the completion of a $44m (C$60.3m) Series B funding round, led by Blue Earth Capital, to expedite its “AI-driven discovery and development of critical minerals globally”.
Other participants in the funding round were BHP Ventures and Rio Tinto, two of the world’s largest mining companies. It also received support from existing investors including Breakthrough Energy.
Go deeper with GlobalData
The GeologicAI platform synergises a comprehensive array of sensors with cutting-edge machine learning and deep industry expertise, enabling real-time scanning and analysis of drill core samples, stated the company.
The resulting high-resolution data and improved models furnish geologists, mineral strategists and investors with insights and agility in decision-making, significantly enhancing exploration efficiency and minimising environmental impact.
This advancement is crucial as global demand for sustainable critical mineral sources escalates.
Blue Earth Capital Private Equity head Kayode Akinola said: “A significant increase in the supply of critical minerals is essential for the energy transition and specifically electrification, and we believe GeologicAI is at the forefront of providing solutions to improve the recovery process while reducing the environmental footprint.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“GeologicAI fits within our thematic investment approach for electrification and AI use cases, and is an example of using technology-driven solutions in parts of the critical mineral value chain to drive optimisation and efficiency. We look forward to working with management and shareholders to help GeologicAI realise its full potential in this next phase of growth.”
The newly acquired funds will facilitate GeologicAI’s global expansion, further development of its proprietary AI and sensor technologies, and strengthen its foothold in vital mining regions.
This comes at a time when the need for critical minerals such as lithium, copper and rare earth elements is surging due to the exponential growth in AI, data centre demand and the ongoing energy transition.
Ventures at BHP vice-president Laurel Buckner said: “GeologicAI is addressing one of the mining’s sector’s most pressing challenges.
“Their game-changing technology is disrupting traditional, time – and cost – intensive workflows with AI-powered analytics and modelling solutions. This technology has the power to reshape how we discover, evaluate and source ore bodies.”
Currently, GeologicAI’s innovative solutions are operational across exploration and development projects on five continents. They are instrumental in helping mining leaders boost discovery rates, reduce costs and expedite superior resource decision-making processes, added the company.
Breakthrough Energy Ventures’ Carmichael Roberts said: “Today’s critical minerals are concentrated in just a few regions, making the global supply chain highly vulnerable to conflict and disruption.
“GeologicAI’s AI-driven process is accelerating the discovery and development of new deposits, strengthening the mineral pipeline that is essential for electrification.”
