AI is the “rocket fuel” that can accelerate mining’s extraction of value from drill-core and material samples, and the growth of companies such as Canada’s GeologicAI, founder Grant Sanden says.
Interviewed by InvestMETS.com ahead of GeologicAI’s deal to acquire Finnish start-up Lumo Analytics, Sanden said a confluence of advancing technologies, demand pressures in mining and rising venture capital inflows into the space was conducive to faster expansion than was historically possible for companies such as the one he started back in 2013.
GeologicAI is now scanning about one million metres of drill core annually in a “very blue sky” market it estimates at maybe 170 million metres a year of core being cut for assessment. Underscoring the rate of growth, it scanned its two millionth metre last month. That two million metres is said to represent about four petabytes of data processed.
