GeologicAI, a Calgary, Canada-based technology company specializing in digital rock analysis, raised an additional $10 million in Series A funding.
SaaS Investors
The extension round was led by Export Development Canada (EDC).
Founded in 1944, Export Development Canada is an export credit agency based in Ottawa, Ontario. The firm supports and develops Canada's export trade by helping Canadian companies with international business opportunities and provides insurance and financial services, trade financing, export credit insurance, and bond products, secured loans to small and medium-sized businesses, Canadian exporters, investors, and their international buyers. EDC also provides private equity and venture capital investments.
GeologicalAI Use of Funds
The purpose of this funding is to accelerate the global deployment of GeologicAI's fleet of AI-powered robot geologists. The investment will be used to support the exploration and extraction of critical minerals necessary for the energy transition.
About GelogicalAI
GeologicAI is a technology company that uses proprietary core sample scanning hardware and AI to help geologists eliminate guesswork and improve workflow. Their technology integrates hardware, software, and advanced machine learning into an integrated digital rock analytics platform. The company's proprietary core scanning robot uses high-resolution multi-sensor data to analyze rock samples with exceptional accuracy, identifying resources beneath the Earth's surface.
Funding Details
Company: Enersoft, Inc.
Raised: $10.0M
Round: Series A Extension
Funding Month: September 2023
Lead Investors: Export Development Canada (EDC)
Additional Investors:
Company Website: https://www.geologicai.com/
Software Category: Digital Rock Viewing and Analysis Software
Source: https://www.businesswire.com/news/home/20230925984669/en/