Mineral exploration technology firm Earth AI is reportedly seeking A$20 million (US$13 million) of series A funding to advance work with its AI-based discovery platform and modular drill rigs.
The Australian and US firm, started by geoscientist Roman Teslyuk 10 years ago, raised $7.5m in the second half of 2021, backed by investors such as Fifty Years, DCVC, Metaplanet, Cantos Ventures, Promus Ventures, Gagarin Capital, Duro Ventures, Kyle Vogt and Arnoud Balhuizen.
Earth AI is exploring for porphyry copper and molybdenum in New South Wales, Australia, and is providing services to exploration companies such as Tivan, Kincora Copper, Legacy Minerals and Karawara Minerals.
Teslyuk built an AI model trained on decades of mining company public exploration records and NASA satellite data.
The company has also built lightweight, modular drill rigs and wants to expand its fleet of the machines.
“We’ve designed this whole operation so that it’s scalable, but we really need to build more rigs,” Teslyuk said this week.
He told the Australian Financial Review clean-tech funds continued to back start-ups.
“There’s a lot of specific domain knowledge when it comes to mining tech, but there are still some good rounds being raised and the climate funds are still looking,” he said.