- VerAI Discoveries has announced a first closing of its Series B funding round, securing $24 million, led by Insight Partners. - Existing investors Blumberg Capital, Chrysalix Venture Capital, and Orion Industrial Ventures also contributed to this funding. - The funding will accelerate the testing and development of VerAI's more than 60 mineral projects in collaboration with exploration partners. - CEO Yair Frastai emphasized the funding as a pivotal moment for VerAI, validating their AI-driven discovery platform which identifies mineral projects in underexplored areas. - The platform reduces risk and cost while increasing the likelihood of discovering concealed deposits of critical minerals. - Jeff Horing from Insight Partners will join VerAI's Board of Directors and highlighted the company's potential to innovate in the mineral exploration sector. - VerAI Discoveries, based in North America and South America, systematically identifies locations of concealed mineral deposits using its AI Discovery Platform. - The company focuses on underexplored terrains in prime mining jurisdictions to enhance discovery probabilities while managing economic risks. - VerAI collaborates with leading investors and explorers to develop its asset portfolio, contributing to the global supply of critical minerals.

VerAI Discoveries Secures $24 Million in Series B Funding Led by Insight Partners to Grow Its Global Asset Portfolio of AI-Based Mineral Discoveries:

BOSTON, Feb. 26, 2025 /PRNewswire/ -- VerAI Discoveries (VerAI), a pioneering AI-driven mineral asset company, is pleased to announce a $24 million first closing of its Series B round. The investment was led by Insight Partners, a global software investor specializing in high-growth technology and software investments, with continued support from existing investors Blumberg Capital, Chrysalix Venture Capital, and Orion Industrial Ventures. The new capital will help accelerate the testing and economic development of VerAI's 60+ mineral projects with its exploration and development partners, while expanding the company's portfolio and continuing to refine and advance its platform.

"This is a pivotal moment for VerAI," said Yair Frastai, CEO and Co-Founder of VerAI Discoveries. "This new round of funding endorses our proprietary and validated AI-driven discovery platform that has generated a portfolio of high-probability mineral projects in underexplored covered terrains, while unlocking substantial value in resource development in an industry that has long relied on traditional exploration methods. We welcome Insight Partners' support and the continued support of our existing investors, which allows us to drive innovation and develop our asset portfolio to meet the global demand for critical minerals."

VerAI's proprietary AI Discovery Platform is engineered to identify concealed deposits of critical minerals with high levels of accuracy. Unlike conventional exploration methods, VerAI technology detects hidden mineralization beneath covered terrains, including dense forests, ice sheets, gravel layers, and young rock formations - reducing risk and cost while increasing the likelihood of discovery.

Jeff Horing, Co-Founder and Managing Director at Insight Partners, will be joining VerAI's Board of Directors. "VerAI Discoveries is helping unlock value in the mineral exploration sector, an area where innovation has traditionally lagged," said Horing. "Their AI platform can transform how the world discovers and develops critical mineral resources essential for global economic growth, energy independence, and advanced defense solutions. We are excited to partner with VerAI's strong leadership team as they scale their technology."

About VerAI Discoveries, Inc.
VerAI Discoveries (VerAI) is an AI-driven mineral asset company that leverages its proprietary AI Discovery Platform to systematically identify and build an asset portfolio of high-probability locations of concealed mineral deposits. The company owns a rapidly growing portfolio of over sixty mineral projects and multiple royalties across North America and South America. By focusing on underexplored covered terrain within prime mining jurisdictions, VerAI dramatically increases the probability of discovering substantial deposits while mitigating economic risk. The company partners with leading industry investors and explorers to develop its global asset portfolio of base and precious metals targets, unlocking value and contributing to the global supply of critical minerals. For more information, visit https://ver-ai.com/.

About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of September 30, 2024, the firm has over $90B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on X @insightpartners.

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SOURCE VerAI Discoveries, Inc.