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2mo ago

GeologicAI Secures US$44 Million Series B to Expand Global AI-Powered Mineral Exploration

The Blue Earth Capital–led round lifts GeologicAI’s total funding past US$100 million, fueling the startup’s plan to run AI-driven exploration operations on six continents by December.

Examining an outcropping of a copper/nickel deposit 2750 feet below the surface at the Podolsky Mine, owned by the FNX Mining Company Inc., located in the Sudbury Basin, a 60 km by 30 km geological elliptical structure located north of the City of Greater Sudbury (400 km north of Toronto), Ontario, Canada Photographer: Norm Betts/Bloomberg News
Grant Sanden, CEO of GeologicAI, in Calgary on Dec. 19, 2023.
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Overview

  • GeologicAI’s US$44 million Series B round was led by Blue Earth Capital and included investments from BHP, Rio Tinto, Breakthrough Energy Ventures and Export Development Canada.
  • The latest financing lifts GeologicAI’s total funding since its 2013 founding above US$100 million.
  • By leveraging high-resolution imaging and AI robotics, the company aims to accelerate mineral discovery while cutting CO₂ emissions and raising existing mine yields by up to 20 percent.
  • GeologicAI plans to deploy its exploration platform across six continents by the end of the year.
  • The company has grown its workforce to about 250 employees and is hiring additional staff to support new projects in Chile, Australia and Asia.