Earth AI Raises $20M To Revolutionize Mineral Exploration

Recently, Earth AI has announced the close of a successful $20 million Series B round of funding in California. A company focused on using artificial intelligence (AI) for the discovery and drilling of clean energy metal deposits, it will use this investment to help further develop its AI technology and drilling capabilities into a leader in sustainable mineral exploration.

Founded in 2017, Earth AI aims to address the global need for critical minerals essential to the energy transition and daily life. Traditional mineral exploration is often time-consuming, expensive, and environmentally intrusive. Earth AI’s innovative approach leverages AI to rapidly and cost-effectively identify untapped metal deposits. This is followed by drilling operations that validate the findings, and the company then sells the multi-billion-dollar mining rights to large-cap mining corporations.

The uniqueness behind Earth AI is the proprietary drilling system, which is environmentally friendly. While others dig into the ground, it doesn't require groundwork, and it has an onboard mud filtration system. Therefore, there is minimal wastage of water and non-contamination of the soil, which makes it clean and effective in the drilling process. This cuts down the operational costs and minimizes downtime.

The company states that its AI-driven exploration process has resulted in a discovery success rate of 75%, a significant leap from the estimated industry average of only 0.5%. In addition, the company claims to have reduced exploration costs by as much as 80%. Such remarkable results have positioned Earth AI as a game-changer in the mineral exploration sector, attracting significant investor attention.

The newly secured funding will be utilized to accelerate the development of Earth AI’s AI and drilling technology, expand its project pipeline, and increase drilling capacity. The company has ambitious plans to scale its project pipeline to over 50 sites and boost its drilling capacity to 100,000 meters, with an estimated cost of approximately $100 per meter. This expansion is intended for Earth AI to settle its position in the market and be able to meet the growing demand of critical minerals.

Roman Teslyuk, the founder and CEO of Earth AI, underlined the significance of the company's mission and the effect of the new investment. Despite the colossal global demand for mineral resources from the energy transition to everyday life, new discoveries of mineral deposits are infamous for being costly and time-consuming," Teslyuk said. "Earth AI is revolutionizing this by using proprietary AI and drilling technology that have already made confirmed discoveries in greenfield areas.". This new round of funding will be critical to expanding our operations and establishing a pipeline of attractive new mining projects for the industry."

The financing round was led by Tamarack Global and Cantos Ventures, with additional participation from investors such as Overmatch, Alpaca, and Sparkwave Capital. Existing investors, including Y Combinator and Scrum Ventures, also provided significant support.

Tamarack Global's Managing Partner, Jamie Lee, said the company believes Earth AI has a novel approach that could be meaningful for future growth. "We are always attracted to companies operating in large addressable markets like critical minerals that have found unique ways to create superior cost structures and defensibility in their approach.". Earth AI fits squarely within this target and has already proven industry-leading success rates using their AI engine, the Mineral Targeting Platform, which we believe to be the best-trained model amongst any other players in the space," Lee said. "We are very excited to lead this round and believe the future is very bright for this incredible company."

This investment is one of the many milestones Earth AI has achieved while disrupting the old mineral exploration sector. The firm is not only driving innovation in mineral discovery with the power of AI and sustainable drilling practices but also contributing to environmentally responsible methods of exploration. With all such proven success and growing pipeline of projects, Earth AI is well-positioned to play a crucial role in meeting the global demand for critical minerals while minimizing environmental impact.

In this direction toward a cleaner future of energy sources and sustainable resource usage, the innovative approach developed by Earth AI serves as an inspiring model toward a sustainable mineral exploration future. Combining innovative technological development with responsible environmental practice has set Earth AI apart and marks it out as a prominent industry player that contributes to efforts to develop sustainable resources.