Calgary-based GeologicAI announced that it has raised US$44 million in a Series B round to accelerate the AI-driven discovery and development of critical minerals globally, a key input driving the energy transition towards electrification.
The round was led by Swiss impact investor Blue Earth Capital, with participation from mining giants BHP and Rio Tinto, as well as Bill Gates’ cleantech fund Breakthrough Energy Ventures.
GeologicAI, which positions itself at the intersection of clean energy, industrial innovation and AI, aims to utilize new funding to scale its advanced geoscience platform. It has developed integrated sensors paired with AI tools that can scan and analyze drill core samples in real time, producing high-resolution data to help mining companies make faster and more accurate decisions which will improve operational efficiency and reduce environmental impact.
The company said that the investment will further support its expansion into mining jurisdictions across five continents.
Carmichael Roberts of Breakthrough Energy Ventures said:
“GeologicAI’s AI-driven process is accelerating the discovery and development of new deposits, strengthening the mineral pipeline that’s essential for electrification.”
As well as backing GeologicAI financially, mining majors BHP and Rio Tinto are also joining as customers and collaborators – a move which highlights the mining industry’s growing sense of urgency to unlock critical minerals like lithium and copper, while reducing waste.
Laurel Buckner, Vice President of Ventures at BHP, said:
“GeologicAI is addressing one of the mining 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.”
GeologicAI CEO Grant Sanden, added:
“We are proud of the impact we have already had with our clients from exploration to production mining and we are honored by the support of such visionary investors and industry leaders as we continue to accelerate our mission and scale globally.”
