- Earth AI has closed an oversubscribed Series B funding round, raising $20 million. - The funding round was led by Tamarack Global and Cantos Ventures, with participation from Overmatch, Alpaca, and Sparkwave Capital. - Existing investors such as Y Combinator and Scrum Ventures also provided significant support. - The funds will be used to drive AI and drilling technology development, increasing drilling capacity to over 100,000 meters annually. - Founded in 2017, Earth AI uses its AI-powered Mineral Targeting Platform to identify mineral resources in untapped areas. - The company has achieved a discovery success rate of 75%, significantly higher than the industry average of 0.5%. - Earth AI's approach can reduce exploration costs by up to 80%. - The CEO of Earth AI emphasized the need for efficient mineral resource discovery amid global demands for clean energy metals. - The company plans to establish a pipeline of over 50 mining project sites. - Earth AI's predictive technology utilizes extensive data sets and satellite remote sensing to identify greenfield prospects. - The global demand for critical minerals is projected to reach $10 trillion by 2050, necessitating a 30-fold increase in production. - Earth AI has announced significant discoveries, including one of the largest greenfield palladium mineral systems in Australia and a new gold system in Willow Glen, New South Wales. - The company's innovative approach positions it as a key player in the mining industry, which urgently needs new discoveries to meet future demands.

Earth AI Closes Oversubscribed Round; Raising $20M for AI Driven Mineral Exploration

News provided byEarth AI

Jan 27, 2025, 12:00 ET

Funding to Accelerate New Discovery and Development and Increase Drilling Capacity to More Than 100,000 Meters Annually

SYDNEY and LOS ANGELES, Jan. 27, 2025 /PRNewswire/ -- Earth AI, a predictive explorer for clean energy metals using artificial intelligence (AI), has announced $20M in Series B funding. The oversubscribed round was led by Tamarack Global and Cantos Ventures. Participating investors include Overmatch, Alpaca, Sparkwave Capital, and significant support from existing investors including Y Combinator and Scrum Ventures. New funding will drive AI and drilling technology development and accelerate project value discovery. The company plans to increase the project pipeline to over 50 sites and increase drilling capacity to 100,000 meters at an industry beating ~$100/meter cost.

Founded in 2017, Earth AI is disrupting the mining industry through its AI-powered Mineral Targeting Platform (MTP) that is capable of rapidly identifying mineral resources in previously untapped areas at a fraction of the cost. Combined with proprietary mobile low disturbance, drilling technology (MLD), the company's approach has achieved an industry-leading discovery success rate of 75% (compared to an estimated industry average of 0.5%1), while reducing exploration costs by up to 80%.

"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," said Roman Teslyuk, founder and CEO of Earth AI. "Earth AI is changing this paradigm using its proprietary AI and drilling technology that has already made verified discoveries in greenfield regions. This new round of funding will be critical to expanding our operations and establishing a pipeline of attractive new mining projects for the industry."

Earth AI's model is focused on identifying mineral deposits using AI, validating them through drilling and then selling the multi-billion-dollar mining rights to large cap mining companies. The company's predictive technology has been extensively trained using continental scale data sets that combine and contextualize 400 million pieces of disparate information along with satellite remote sensing to identify greenfield prospects–a key differentiator to other exploration technologies that focus on identifying resources near existing mines. This ability makes Earth AI an integral partner for the mining industry as it seeks to meet the exponential growth in demand for critical minerals resulting from the global energy transition.

"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. We are very excited to lead this round and believe the future is very bright for this incredible company," said Jamie Lee, managing partner at Tamarack Global

Global demand for critical minerals is expected to reach $10tn by 2050 and current production will need to increase ~30x to meet that threshold. Many mining companies are focused on extraction, while discovery and exploration is outsourced to a fragmented market of micro-cap companies whose efficiency has declined by ~70% over the last decade. Leveraging the latest technology, Earth AI is poised to become the origination engine of the mining industry, providing organic growth of new mining assets to an industry that desperately needs it to meet the coming tidal wave of demand.

To date, Earth AI has announced the following discoveries during the fourth quarter of 2024:Discovery of one of the largest greenfield palladium mineral systems in Australia, in partnership with Legacy Minerals (Nov, 2024)
Discovery of a new gold system in Willow Glen, New South Wales, Australia (Dec, 2024)

About Earth AI
Earth AI, founded in 2017, is a predictive explorer and driller for clean energy metals that is disrupting the mineral industry through a novel approach using AI-powered mineral deposit discovery software and proprietary low disturbance drilling technology. The company's technology has achieved an industry-best 75% discovery success rate, while at the same time speeding up the mineral exploration process by 4x and reducing costs by up to 80%. The company operates in Sydney, Australia, and Los Angeles, CA.

Earth AI Contact:
Monte Hackett
CFO
monte@earth-ai.com

Earth AI Media Contact:
Chris Allieri
chris@mulberryandastor.com

SOURCE Earth AI