Published by Todd Bush on June 30, 2023
CALGARY, Alberta--(BUSINESS WIRE)--GeologicAI, a global leader in rock and resource digitization services, today announced that it has raised 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 our planet's increasing demand for critical minerals.
>> In Other News: NextDecade Announces Bank Commitments and Updated FID Timing for Rio Grande LNG
GeologicAI’s proprietary core scanning robot uses a unique blend of high-resolution imaging, XRF and hyperspectral data to analyze rock samples, providing unparalleled accuracy in identifying resources hidden beneath the Earth's surface. By leveraging advanced machine vision and AI to analyze high-resolution, multi-sensor rock sample data, GeologicAI can offer faster and more accurate results than traditional core logging methods.
The company's digital rock viewing and analysis software gives geologists worldwide instant access to high-resolution, AI-enhanced digital rock twins. This comprehensive solution streamlines workflows, promotes global collaboration, and offers unprecedented transparency in exploration and development. These data-driven insights equip geologists and energy scientists with powerful tools for efficient, environmentally conscious resource discovery and extraction.
The global transition to a low carbon economy will necessitate a rapid and responsible expansion in the supply of key minerals like copper, iron, nickel, cobalt, beryllium, lithium, and rare earth elements. Recognizing this, BEV has invested in GeologicAI's revolutionary approach to core scanning and resource analysis, leveraging artificial intelligence, robotics, and advanced sensor technologies.
“Without sufficient quantities of key minerals like copper, nickel, cobalt, and lithium, the transition to a clean energy economy simply cannot happen,” said Carmichael Roberts, Breakthrough Energy Ventures. “GeologicAI’s multi-sensor core scanning robots and AI-assisted analysis are a powerful combination, and we believe their technology will significantly accelerate key mineral discovery and recovery.”
GeologicAI 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. GeologicAI's CEO, Grant Sanden, believes the industry is just beginning to witness the transformative potential of their technology. He 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."
GeologicAI’s innovations accelerate the resource production required to meet the demands of the planet’s aggressive climate goals to reach net-zero by 2050. As a planet, we need to move fast. With GeologicAI, we can.
GeologicAI, based in Calgary, Canada, is revolutionizing resource exploration by developing AI-driven core scanning robots and software. Their technology generates the most extensive geological dataset in the industry, significantly improving workflows from exploration to extraction. Visit www.geologicai.com to learn more.
Founded by Bill Gates and backed by many of the world’s top business leaders, BEV has raised more than $2 billion in committed capital to support cutting-edge companies that are leading the world to net-zero emissions. BEV is a purpose-built investment firm that is seeking to invest, launch and scale global companies that will eliminate GHG emissions throughout the economy as soon as possible. BEV seeks true breakthroughs and is committed to supporting these entrepreneurs and companies by bringing to bear a unique combination of technical, operational, market and policy expertise.
BEV is a part of Breakthrough Energy, a network of investment vehicles, philanthropic programs, policy advocacy and other activities committed to scaling the technologies we need to reach net-zero emissions by 2050. Visit www.breakthroughenergy.org to learn more.
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside this Issue 🌱 Holcim Invests in Sublime Systems to Scale Up Innovative Low-carbon Technology ⚡ New Technology Transforms Captured Carbon Into Clean Energy Source 🚗 Say Goodbye to EVs – This ...
Inside this Issue 💡 Bill Gates-backed Startup Says a Global Gold Rush for Buried Hydrogen is Picking Up Momentum 🌍 Largest Hydrogen Highway to Link America and Europe: 10 Million Metric Tons and a...
Inside this Issue 🌿 Gevo to Acquire Red Trail Energy Assets in North Dakota, Including Operating Low-carbon Ethanol Production and Carbon Sequestration Facilities, Expanding Platform for Sustainab...
Hyundai Motor Company and Škoda Group sign a Memorandum of Understanding (MOU) during the Korea-Czech Business Summit in Prague Both parties to cooperate in establishing a hydrogen economy and...
UNDO Lands Groundbreaking Carbon Removals Financing Deal in 'Global First'
UK carbon removal start-up UNDO has secured an innovative debt financing deal, supported by significant corporates like British Airways and Standard Chartered, to accelerate the expansion of its en...
Say Goodbye to EVs – This Water-Hydrogen Engine Will Change Everything in Automotion
Honda launches a model identical to the Dodge Challenger – here’s when you can buy it Neither Toyota nor Hyundai – JD Power confirms the list of most reliable cars on the US market. Chevy an...
New Technology Transforms Captured Carbon Into Clean Energy Source
Researchers from Tokyo Metropolitan University have developed an innovative electrochemical cell that efficiently converts captured carbon dioxide (CO2) into formate, a green fuel. This new system,...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.