Calgary-based GeologicAI is acquiring Resource Modeling Solutions for an undisclosed amount, a move aimed to accelerate the company’s advancements in the mining sector.
GeologicAI said the deal will expand its product and service offerings while combining teams and respective tech.
“We are focused on continuing to expand our capabilities by integrating new and emerging technologies.”
Grant Sanden, GeologicAI
“This integration strengthens our position in the industry and enhances our ability to deliver groundbreaking end-to-end technology solutions to our clients,” GeologicAI founder and CEO Grant Sanden said in a press release.
“We are focused on continuing to expand our capabilities by integrating new and emerging technologies.”
In 2022, mining companies were leading the way in adoption of advanced technologies compared to other sectors, according to a Vancouver Economic Commission report published late last year.
The report, which used data from Statistics Canada, found that nearly a third of surveyed businesses in mining, quarrying, and oil and gas extraction used artificial intelligence (AI) technologies.
“Commonly cited reasons were to develop new or improved processes or operations as well as for process flexibility and cost reduction,” the report stated.
Founded in 2013, GeologicAI uses artificial intelligence and robots to help geologists capture data in rock and core samples in a quicker fashion than manual core logging processes.
The company uses high-resolution imaging, XRF, and hyperspectral data to analyze rock samples and identify resources below the Earth’s surface, with the goal of helping clients make better decisions about where to explore and how to design and operate mines.
Resource Modeling Solutions, another Calgary-based firm, was founded in 2018 as a consultancy for “geostatistics and geometallurgy challenges,” according to its LinkedIn, and offers expert technical work, custom software, and training solutions for mining, environmental, and petroleum companies.
Last year, GeologicAI closed a Series A funding round of $30 million USD, backed by Bill Gates’s Breakthrough Energy Ventures and Export Development Canada. It claims its tech is already being used by “some of the world’s leading mining and exploration companies,” and in countries like Finland, Brazil, Chile, and Australia.
Feature image courtesy GeologicAI.
