A company from Calgary, Alberta, Canada has secured a Series A funding of $20 million, with GeologicalAI obtaining a massive sum for its continued operations in its expansion in modern mining with technology.
Bill Gates's Breakthrough Energy Ventures (BEV) answered the call for funding by the company, backing them with their significant work on the future of mining.
GeologicalAI Secures $20M Series A Funding from Bill Gates' BEV
According to Interesting Engineering, GeologicalAI has recently opened its Series A funding round, with Gates' Breakthrough Energy Ventures granting the company as much as $20 million for its endeavors. The Calgary-based mining tech startup company now has a massive boost to its business and growing more of its tech for future applications.
GeologicalAI was established in 2013, and it has then developed its technology to learn more about what is hidden underneath the Earth, especially with the elements and minerals that are waiting to be discovered.
"GeologicAI has spent the last few years proving out its technology across a variety of mineral types and geologic environments, with both junior and major mining companies, and throughout the exploration, development, and operating segments of the mining ecosystem," GeologicAI chief strategy Yannai Segal said via BetaKit.
The Future of Technology in Mining: Robot Geologists
The company has centered on "rock analytics for mining," and its technology aims to help maximize the benefits of mining and searching the planet for raw materials. With its robot geologists, GeologicalAI helps in bringing efficiency to mining operations that may also help the environment and economy for a future boost.
It is known that many components are sourced from raw Earth materials mined in specific locations. There is lithium which is greatly used for batteries, copper for different processors and components, and more.
GeologicalAI leverages the knowledge from its analytics to make the mining industry more efficient, as well as identify the locations of the best areas to source these materials.
Bill Gates' BEV and its Support to the Industry
One of the most renowned tech moguls in the world is still Bill Gates, and even if the executive already moved away from Microsoft as its chief executive, he turned his focus to many of his ventures, including his foundations and Breakthrough Energy Ventures. One of the most iconic support he has given was for a company looking to build a nuclear reactor but was recently delayed due to the Russia-Ukraine conflict.
With BEV, Gates is continuing his support for the tech industry and carefully selecting those who deserve it and aims to bring a significant change in the world's energy and operations. A company called Terabase also received funding from BEV, for its development of solar farms using robots to build the areas and bring alternative energy to the world.
Breakthroughs in the energy sector and other industries are coming in, left and right, with Bill Gates' venture capital company actively seeking out those who want to effect a change for the world toward its healing. GeologicalAI's recent funding is massive for the present, as more require processors or components sourced from the Earth, with its tech helping to locate it better and utilize its analytics for the future of the tech world.
Related Article : Could Deep-Sea Mining Save the Planet From the Climate Crisis?
