Digital rock analysis boosted by EDC funding
GeologicAI, a global leader in digital rock analysis, announced the closing of an additional US$10m in funding from Export Development Canada (EDC), a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad, as an extension to its Series A financing round led by Breakthrough Energy Ventures, bringing the total round of funding to US$30m.
This investment will accelerate global deployment of GeologicAI's fleet of AI-powered robot geologists to support the exploration and extraction of the critical minerals required for the energy transition. Based in Calgary, Alberta, GeologicAI is revolutionising resource exploration by developing AI-driven core scanning robots and software. Its technology generates the most extensive geological dataset in the industry, significantly improving workflows from exploration to extraction.
Integrated technologies
“EDC is thrilled to support the growth of GeologicAI as the company works to transform how the global mining industry explores for and extracts minerals and metals,” said Guillermo Freire, Senior Vice-President at EDC.
“EDC is highly focused on supporting emerging Canadian global champions in key sectors of the future, which includes companies focused on the exploration and production of the critical minerals needed for a lower-carbon future. Our financing will help support GeologicAI’s ongoing global expansion and deployment of its innovative technology.”
GeologicAI’s technology combines hardware, software, and advanced machine learning into an integrated digital rock analytics platform. A proprietary core scanning robot uses a unique blend of high-resolution multi-sensor data to analyse rock samples, providing unparalleled accuracy in identifying resources hidden beneath the Earth's surface. Advanced machine vision and AI algorithms convert scan data to key rock properties, reducing the need for costly and time-consuming laboratory testing and reliance on subjective manual interpretation.
The company's cloud-based digital rock viewing and analysis software gives geologists worldwide instant access to high-resolution AI-enhanced digital rock twins and automated digital geoscience workflows.
“Mining is a global industry and the critical materials needed are going to come from increasingly remote corners of the planet,” said GeologicAI founder and CEO Grant Sanden. “Our platform gives our clients’ best geologists access to all of their rocks from anywhere in the world, enabling collaboration and knowledge sharing and accelerating exploration and development”.
GeologicAI is already working with some of the world’s leading mining and exploration companies and is excited to leverage the EDC funding to accelerate its global expansion. GeologicAI President David Henderson added, “with a GeologicAI robot already on a ship en route to Australia, and several more being prepped for imminent shipment to client sites in Finland, Brazil and Chile, we are excited to have EDC’s support and expertise in bringing Canadian technology and resource development know-how to global markets.”
GeologicAI's flagship machine is an innovative collection of robotics, cameras, and scanners that lives on-site at large exploration locations. Robust and self-contained, it can scan up to 650 metres of core a day and uploads data virtually instantaneously, making it available online and accessible anywhere with an internet connection.