VRIFY Secures $12.5 Million Series B to Accelerate DORA, the Innovative AI Mineral Discovery Platform

VRIFY Secures $12.5 Million Series B to Advance DORA, the Innovative AI Mineral Discovery Platform

In a significant leap for the mining and exploration sector, VRIFY Technology Inc. has successfully raised CAD$12.5 million in Series B funding, leading to increased momentum for its revolutionary AI-assisted mineral discovery platform, DORA. The funding round was spearheaded by LGVP, a New York-based venture capital firm known for backing tech innovators, along with continued support from previous investors such as RCF Innovation and Beedie Capital. This funding brings VRIFY's total capital raised to over CAD$30 million.

DORA is designed as an essential research and development tool that empowers geologists and geoscientists, enabling them to utilize advanced AI technology for effective mineral discovery. By integrating market knowledge with sophisticated algorithms, VRIFY aims to facilitate a more efficient and precise approach to mineral exploration—all within a user-friendly platform.

The public unveiling of DORA will take place at the upcoming 2025 Prospectors Developers Association of Canada Convention (PDAC) on March 3, 2025, at the Metro Toronto Convention Centre, where attendees will have the first opportunity to experience the capabilities of this groundbreaking tool. Last year's convention marked VRIFY's entry into the AI space, and since then, 26 early-adopting clients have leveraged DORA's capabilities, including major players like Canterra Resources, RUA Gold, and Southern Cross Gold. A noteworthy milestone occurred in September 2024 when Southern Cross identified a significant gold discovery via a target highlighted by both DORA and their exploration team.

Steve de Jong, VRIFY's Founder and CEO, emphasized the urgency for discovering new precious metals and critical mineral deposits given the rising global demand. He stated that governments worldwide are beginning to recognize the strategic advantages of efficiently advancing natural resources to meet economic and security needs. De Jong expressed his confidence that 2025 would become a pivotal year for AI-assisted mineral discoveries as VRIFY plays a vital role in shaping the future of the industry.

Artificial intelligence's role in mineral exploration is becoming increasingly pivotal, with VRIFY positioned to harness its capabilities to deliver profound insights. By blending proprietary technology with industry expertise, DORA transforms complex geological data into actionable insights that geologists can act upon rapidly, potentially shortening exploration timelines to mere minutes.

Jean-Philippe Paiement, CTO at VRIFY, explained that DORA serves concurrently as a powerful tool for enhancing the existing knowledge of geologists rather than replacing it. He coined it “ChatGPT for geology,” underscoring DORA's potential to amplify exploration precision and support the sector's attractiveness to investors. Furthermore, VRIFY is expanding its team to accelerate development and fostering a collaborative environment with clients to present complex data visually and engagingly.

The investment from LGVP, led by entrepreneur Itai Tsiddon, reflects trust in VRIFY's capability to facilitate meaningful advancements in mineral exploration. Tsiddon stated, “The company has built the world's leading AI technology for mineral exploration and mining, which has generated a strong foundation of trust with early customers.” He highlights the role that DORA will play in driving significant value within a sector that increasingly demands innovative and effective solutions for contemporary challenges.

As part of their commitment to innovation, VRIFY will conduct a live demonstration of DORA at the upcoming PDAC event. The engagement is anticipated to showcase firsthand how DORA operates and its practical benefits for industry professionals, emphasizing VRIFY’s dedication to revolutionizing mineral exploration.

In summary, VRIFY's journey toward advancing DORA reflects not only a technological innovation but a strategic response to an industry poised for growth through efficient exploration. With a robust team of geologists, data scientists, and innovative minds, VRIFY stands at the forefront of AI-assisted mineral discovery, ready to redefine how geological exploration unfolds in the upcoming years.