#United States #Los Angeles #AI Technology #Earth AI #Tamarack Global

Earth AI Secures $20 Million Series B Funding

Earth AI, an innovative company at the forefront of utilizing artificial intelligence (AI) in mineral exploration, has successfully concluded an oversubscribed Series B funding round, raising an impressive $20 million. This funding round, predominantly backed by Tamarack Global and Cantos Ventures, also welcomed contributions from several other investors including Overmatch, Alpaca, Sparkwave Capital, as well as strong support from previous investors like Y Combinator and Scrum Ventures.

The influx of capital will primarily accelerate the development of Earth AI's advanced AI technologies and improve drilling capabilities, with the aim of increasing their capacity to over 100,000 meters annually. This is a significant leap in their operational efficiency, with plans to expand their project pipeline to encompass over 50 sites in total.

Founded in 2017, Earth AI has harnessed the power of AI to provide a disruptive approach to the mining sector. Its patented Mineral Targeting Platform (MTP) enables rapid identification of mineral resources in areas that have previously been overlooked, all while operating at a fraction of traditional costs. Notably, the company's exploration efforts boast a remarkable 75% success rate in identifying viable mineral deposits, a stark contrast to the industry standard of roughly 0.5%. By integrating proprietary mobile low disturbance drilling technology (MLD), Earth AI has managed to cut exploration costs by up to 80%.

Roman Teslyuk, the founder and CEO of Earth AI, emphasized the pressing global demand for critical mineral resources, especially in light of the transition to cleaner energy. He remarked, “Despite the tremendous global need for mineral resources for everything from the energy transition to day-to-day life, new mineral deposit discoveries are notorious for being expensive and time-consuming. Earth AI is changing this paradigm using its proprietary AI and drilling technology that has already made verified discoveries in unexplored regions.”

The company's operational model revolves around the identification of mineral deposits via AI, followed by validation through drilling, after which the multi-billion-dollar mining rights are sold to larger mining enterprises. Leveraging extensive data sets—over 400 million individual pieces of information—alongside satellite remote sensing, Earth AI effectively differentiates itself from others in the exploration space by focusing on unexplored prospects rather than those near existing mines.

The global appetite for critical minerals is projected to soar to an astounding $10 trillion by the year 2050, necessitating a staggering 30-fold increase in current production levels. Many mining organizations are traditionally inclined towards extraction processes and often delegate discovery and exploration to a broad network of smaller companies, which have seen nearly a 70% drop in efficiency over the last decade. By leveraging cutting-edge technology, Earth AI is poised to serve as the backbone of the mining industry’s future, providing essential new assets to meet rising demand.

Recently, Earth AI has announced a couple of promising discoveries, including a substantial greenfield palladium mineral system in Australia through collaboration with Legacy Minerals and a new gold system identified in Willow Glen, New South Wales.

Operating from both Sydney, Australia, and Los Angeles, CA, Earth AI, with its unique blend of technology and expertise, is redefining the exploration landscape and positioning itself to play a vital role in the forthcoming energy transition.