Geologicai Secures $10m For Global Expansion

By Author: Arina Smith
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GeologicAI, a prominent player in digital rock analysis, has closed an additional $10 million in funding from Export Development Canada (EDC), as an extension of its Series A financing round led by Breakthrough Energy Ventures. This brings the total funding for the round to $30 million. GeologicAI plans to use this investment to expedite the global deployment of its AI-powered robot geologists, which are designed to support the exploration and extraction of critical minerals essential for the energy transition.

Guillermo Freire, Senior Vice-President at EDC, expressed EDC's excitement about supporting GeologicAI's growth in revolutionizing the global mining industry. EDC is dedicated to assisting emerging Canadian champions in key sectors, particularly those focusing on critical minerals for a sustainable, lower-carbon future. Their financing is aimed at bolstering GeologicAI's worldwide expansion and the implementation of its innovative technology.

GeologicAI's technology integrates hardware, software, and advanced machine learning into a comprehensive digital rock analytics platform. Their proprietary core scanning ...
... robot employs high-resolution multi-sensor data to analyze rock samples, providing exceptional accuracy in identifying subterranean resources. Advanced machine vision and AI algorithms convert scan data into vital rock properties, reducing the need for expensive and time-consuming laboratory testing and subjective manual interpretations.

Geologists worldwide gain access to GeologicAI's cloud-based digital rock viewing and analysis software, featuring high-resolution AI-enhanced digital rock models and automated digital geoscience workflows. This technology is particularly valuable as the mining industry increasingly seeks critical materials from remote locations around the world. GeologicAI's platform enables geologists to access and collaborate on rock data from any corner of the globe, streamlining exploration and development processes.

GeologicAI already collaborates with leading mining and exploration companies worldwide and aims to leverage EDC's funding to accelerate its global expansion efforts. GeologicAI's President, David Henderson, emphasized the significance of this support and the company's commitment to bringing Canadian technology and resource development expertise to global markets. The company is actively shipping its core scanning robots to various client sites, including Australia, Finland, Brazil, and Chile.

About GeologicAI
GeologicAI, headquartered in Calgary, Canada, is pioneering resource exploration through the development of AI-driven core scanning robots and software. Their technology generates the most extensive geological dataset in the industry, significantly enhancing workflows from exploration to extraction. Visit [GeologicAI's website](www.geologicai.com) to learn more.

About Export Development Canada (EDC)
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact both domestically and abroad. EDC offers financial products and expertise to empower Canadian companies to confidently enter new markets, mitigate financial risks, and grow their businesses as they transition from local to global. Through collaboration with Canadian companies, EDC is contributing to the creation of a more prosperous, resilient, and sustainable economy for all Canadians.

https://www.techdogs.com/tech-news/business-wire/geologicai-announces-10m-in-additional-funding-from-export-development-canada-to-accelerate-global-expansion-of-its-rock-analytics-platform