GeologicAI Secures $10 Million Extra Investment from Export Development Canada for Rapid Global Expansion of Rock Analytics Platform

26 Sep, 2023

GeologicAI Secures $10 Million Extra Investment from Export Development Canada for Rapid Global Expansion of Rock Analytics Platform

GeologicAI, a pioneering force in digital rock analysis, has successfully secured an additional $10 million in funding from Export Development Canada ("EDC"). This funding extension comes as part of its Series A financing round, which was originally spearheaded by Breakthrough Energy Ventures. With this latest investment, GeologicAI's total funding for the round now stands at an impressive $30 million. The purpose of this investment is to accelerate the worldwide deployment of GeologicAI's fleet of AI-powered robot geologists, primarily aimed at supporting the exploration and extraction of critical minerals essential for the global energy transition.

Guillermo Freire, Senior Vice-President at EDC, expressed enthusiasm about their support for GeologicAI's growth, stating, "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. 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."

At the core of GeologicAI's technology lies a fusion of hardware, software, and advanced machine learning, culminating in an integrated digital rock analytics platform. Central to this platform is a proprietary core scanning robot, which employs a unique combination of high-resolution multi-sensor data to meticulously analyze rock samples. This process delivers unparalleled accuracy in identifying subterranean resources. Advanced machine vision and AI algorithms further convert scanning data into crucial rock properties, substantially reducing the reliance on expensive and time-consuming laboratory testing, as well as subjective manual interpretation.

The company's cloud-based digital rock viewing and analysis software empower geologists worldwide with instant access to high-resolution AI-enhanced digital rock replicas and automated digital geoscience workflows. GeologicAI's founder and CEO, Grant Sanden, emphasized the global reach of the mining industry and the increasing importance of tapping resources in remote regions. Sanden stated, "Mining is a global industry, and the critical materials needed are going to come from increasingly remote corners of the planet. 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 collaborating with some of the world’s leading mining and exploration companies. The infusion of EDC funding will serve to expedite its global expansion efforts. David Henderson, President of GeologicAI, highlighted the company's ongoing projects, stating, "With a GeologicAI robot already on a ship enroute 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."