GeologicAI has developed a “robot geologist” for the mining sector.
Calgary-based GeologicAI will acquire Resource Modeling Solutions for an undisclosed sum. This is a move aimed at accelerating the company’s progress in the mining sector.
GeologicAI said the deal will expand its product and service offerings while combining its teams and their respective technologies.
“We are focused on continuing to expand our capabilities by integrating new technologies.”
Grant Sanden, GeologicAI
“This combination strengthens our position in the industry and provides our customers with breakthrough end-to-end technology solutions,” GeologicAI founder and CEO Grant Sanden said in a press release. It will strengthen our capabilities.”
“We are focused on continuing to expand our capabilities by integrating new technologies.”
A Vancouver Economic Commission report released late last year found that mining companies will lead the way in adopting advanced technology compared to other sectors in 2022.
The report, using data from Statistics Canada, found that nearly one-third of mining, quarrying, and oil and gas extraction companies surveyed are using artificial intelligence (AI) technology. did.
“Commonly cited reasons were the development of new or improved processes or practices, and process flexibility and cost reduction,” the report states.
Founded in 2013, GeologicAI uses artificial intelligence and robots to help geologists obtain data from rock and core samples faster than manual core logging processes.
The company uses high-resolution imaging, XRF, and hyperspectral data to analyze rock samples and identify subsurface resources. The aim is to help customers make better decisions about where to explore and how to design and operate mines.
Another Calgary-based company, Resource Modeling Solutions, was founded in 2018 as a consultancy for “geostatistical and geometallurgical challenges,” according to LinkedIn, and provides specialized services for mining, environmental, and oil companies. We provide technical services, custom software, and training solutions. .
Last year, GeologicAI closed a US$30 million Series A funding round with support from Bill Gates’ Breakthrough Energy Ventures and Export Development Canada. The company claims its technology is already being used by “the world’s leading mining and exploration companies” and countries including Finland, Brazil, Chile and Australia.
Feature image courtesy of GeologicAI.