Calgary-based mining technology startup GeologicAI has raised $60.5 million CAD ($44 million USD) in a Series B funding round, as the global rush for critical minerals heats up alongside the surge in artificial intelligence and data center infrastructure.
The round was led by Swiss impact investor Blue Earth Capital, with participation from mining giants BHP Ventures and Rio Tinto. Returning investors included Breakthrough Energy Ventures, the climate-focused fund backed by Bill Gates, as well as several unnamed backers.
Fueling global growth in mineral intelligence
GeologicAI, which uses artificial intelligence and sensors to streamline rock and core sample analysis, will use the funding to scale globally, enhance its sensing technologies, and expand into key mining markets across the Middle East, South America, and Asia.
Founded in 2013, the company employs over 220 people—more than 80% based in Canada. Its tools are designed to help geologists more efficiently identify underground resources like lithium, copper, and rare earth elements—essential components for battery storage and data center hardware.
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Riding the AI and energy transition wave
The rise of AI and the global energy transition has intensified demand for these critical minerals. “A significant increase in the supply of critical minerals is essential for the energy transition and specifically electrification,” said Kayode Akinola, Head of Private Equity at Blue Earth Capital. “We believe GeologicAI is at the forefront of providing solutions to improve the recovery process while reducing the environmental footprint.”
Governments and corporations are investing heavily in infrastructure to support AI. In Canada, the federal government has pledged $2 billion to support commercial AI data center expansion, while Alberta is positioning itself as the backbone of Canada’s AI infrastructure with a $100 billion initiative.
Strategic tech and growth acquisitions
GeologicAI had already begun global expansion after raising $30 million USD in a 2023 Series A round, which included $10 million from Export Development Canada. The company also acquired Resource Modeling Solutions, a Calgary-based geostatistics and geometallurgy consultancy, to broaden its offerings.
With the new funding, GeologicAI plans to further solidify its place in the market by scaling operations and capturing more value in a rapidly evolving tech and energy landscape.
