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Monday, February 26, 2024
HomeTechnologyGeologicAI Secures $10M Investment from Export Development Canada, Aiding Global Expansion.

GeologicAI Secures $10M Investment from Export Development Canada, Aiding Global Expansion.

Calgary-based GeologicAI has secured an additional $10 million in funding from Export Development Canada (EDC) as an extension to its Series A financing round, bringing the total funding in this round to $30 million. GeologicAI is a leader in digital rock analysis and aims to transform the global mining industry by using AI-powered robot geologists. The company’s integrated digital rock analytics platform eliminates the need for costly and time-consuming laboratory testing, providing geologists and mining professionals with rapid access to high-resolution AI-enhanced digital rock data and automated workflows.

GeologicAI’s technology combines hardware, software, and advanced machine learning to analyze rock samples with unprecedented accuracy. The proprietary core scanning robot equipped with multi-sensor capabilities performs the analysis, while advanced machine vision and AI algorithms convert the scanned data into key rock properties. By providing cloud-based software, GeologicAI enables collaboration and knowledge sharing among geologists worldwide, significantly expediting exploration and development processes.

Export Development Canada’s support reflects their commitment to aiding emerging Canadian global leaders in vital sectors, such as those focusing on critical minerals essential for a sustainable future. Guillermo Freire, Senior Vice-President at EDC, believes this financing will be crucial for GeologicAI’s continuing global expansion and the deployment of its groundbreaking technology. With existing partnerships with leading mining and exploration firms in place, the recent funding injection is expected to accelerate GeologicAI’s global reach and facilitate the implementation of its AI-powered solutions.

In summary, GeologicAI’s recent funding from EDC will provide the necessary capital for the company to accelerate its global expansion and deployment of its AI-powered robot geologists. Their innovative technology offers an integrated digital rock analytics platform that eliminates the need for laborious laboratory testing and provides high-resolution AI-enhanced digital rock data. This revolutionary approach expedites exploration and development processes and enhances collaboration among geologists worldwide. With existing partnerships already established, GeologicAI’s global reach is expected to grow further with the support from EDC.

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