GeologicAI, a Calgary-based mining tech startup, has made waves with the announcement they’ve closed $20M USD in Series A funding from Bill Gates’s Breakthrough Energy Ventures.
GeologicAI’s mission is simple: use AI to help geologists eliminate guesswork and analyze data more precisely.
As the demand for battery metals continues to explode globally, GeologicAI is aiming to be the go to partner for mining companies looking to explore new discoveries.
The big idea: GeologicAI employs proprietary core sample scanning hardware and AI technology to analyze rock samples, providing precision accuracy in identifying resources hidden beneath the Earth’s surface.
- By leveraging AI, GeologicAI aims to streamline data analysis and reduce the intensive manual processes involved in resource exploration, which are typically done by geologists on the ground
- Through high-resolution imaging capabilities, GeologicAI is able to use technology to identify valuable metals and minerals, which massively reduces the capital required to explore new properties
But does it work:
- GeologicAI has validated its technology across various mineral types and geologic environments, across Canada, the US and South America
- Further, GeologicAI claims they are already working with some of the leading mining companies globally, although the specifics of those partnerships have not been released publicly
Why it matters:
- There has been intense political and environmental pressure to transition towards a low-carbon economy globally, which means the demand for battery metals and rare earths is set to skyrocket
- Reducing the capital required to explore and assay new properties means exponentially more output for mining companies, which accelerates the global supply of important metals and minerals
- “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.” - commented Carmichael Roberts, who sits on the investment committee of Breakthrough Energy Ventures