GeologicAI, a Calgary, Canada-based provider of rock and resource digitization services, has secured a $20 million Series A funding investment from Breakthrough Energy Ventures (BEV).
This financial backing will further the development and global scaling of GeologicAI's fleet of AI-powered robot geologists, accelerating resource exploration and extraction to meet its planet's increasing demand for critical minerals.
GeologicAI utilizes a proprietary core scanning robot that combines high-resolution imaging, XRF (X-ray fluorescence), and hyperspectral data analysis to examine rock samples. By harnessing advanced machine vision and AI algorithms to analyze multi-sensor rock sample data, GeologicAI can provide faster and more precise results compared to traditional core logging methods.
Grant Sanden, GeologicAI's CEO stated, "Our customers recognize the value of our AI-enhanced geological data, which optimizes both discovery and development. We're delighted to have BEV onboard as we globalize this revolutionary technology."
The company is already working with some of the world’s leading mining and exploration companies and is excited to leverage the funding to rapidly establish a global footprint.
Company: Enersoft, Inc.
Raised: $20.0M
Round: Series A
Funding Month: June 2023
Lead Investors: Breakthrough Energy Ventures (BEV)
Additional Investors:
Company Website: https://www.geologicai.com/
Software Category: Oil and Gas Software
About the Company: GeologicAI is a technology company that uses proprietary core sample scanning hardware and AI to help geologists eliminate guesswork and improve workflow. The company is revolutionizing resource exploration by developing AI-driven core scanning robots and software. Their technology generates extensive geological datasets, significantly improving workflows from exploration to extraction. The company's digital rock viewing and analysis software grants geologists instant access to AI-enhanced digital rock twins with high-resolution detail. This comprehensive solution streamlines workflows, fosters global collaboration and ensures unprecedented transparency in exploration and development processes.
Source: https://www.businesswire.com/news/home/20230629107771/en/