Clean energy metals explorer Earth AI announced on Monday $20 million in Series B funding. The oversubscribed round was led by Tamarack Global and Cantos Ventures. Participating investors include Overmatch, Alpaca, Sparkwave Capital, and existing investors such as Y Combinator and Scrum Ventures.
The new funding will drive AI and drilling technology development and accelerate discoveries, the company said, adding that it plans to increase the project pipeline to over 50 sites and increase drilling capacity to 100,000 metres at approximately $100/metre cost.
The US-based tech firm said its AI-powered mineral targeting platform is capable of rapidly identifying mineral resources in previously untapped areas at a lower cost. Combined with its mobile low disturbance, drilling technology, Earth AI’s approach has achieved a discovery success rate of 75% 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,” CEO Roman Teslyuk said in a news release.
“Earth AI is changing this paradigm using its proprietary AI and drilling technology that has already made verified discoveries in greenfield regions,” Teslyuk added. “This new round of funding will be critical to expanding our operations and establishing a pipeline of attractive new mining projects for the industry.”
In 2024, Earth AI identified a new gold system at its Willow Glen molybdenum-gold project near Guyra, New South Wales, and with its joint venture partner Legacy Minerals (ASX: LGM) announced the verified discovery of one of the largest palladium mineral systems in Australia.
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