Earth AI Raises $20 Million to Use AI to Explore for Clean Energy Metals
Clean energy metals-focused predictive explorer and driller Earth AI announced that it has raised $20 million in Series B funding, with proceeds aimed at driving its AI and drilling technology development and capacity.
Founded in 2017, California-based Earth AI utilizes AI technology to discover untapped critical metal deposits rapidly and at low cost. The company’s AI platform repeatedly discovers new and overlooked prospects for a multitude of commodities, and its drilling system requires no groundwork and has a minimal environmental impact, and features an onboard mud filtration system which minimizes water wastage and prevents contamination of the soil, while reducing downtime and costs. According to Earth AI, it has achieved a discovery success rate of 75%, compared to an estimated industry average of 0.5%, while reducing exploration costs by up to 80%.
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.
Earth AI said it would use the new capital to drive its AI and drilling technology development, accelerate projects, increase drilling capacity, and expand its project pipeline. The company added that it plans to increase the project pipeline to over 50 sites and increase drilling capacity to 100,000 meters at a cost of approximately $100 per meter.
Roman Teslyuk, founder and CEO of Earth AI, said:
“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 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.”
The financing 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.
Jamie Lee, managing partner at Tamarack Global, said:
“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.”