Last Updated: 27 January 2025
Earth AI, a predictive explorer for clean energy metals using artificial intelligence (AI), has successfully raised $20M in an oversubscribed Series B funding round. The funding will accelerate advancements in Earth AI’s AI and drilling technology, enabling the company to expand its mineral exploration operations.
The round was led by Tamarack Global and Cantos Ventures, with participation from Overmatch, Alpaca, Sparkwave Capital, and notable existing investors such as Y Combinator and Scrum Ventures. The funding reflects strong investor confidence in Earth AI’s innovative approach to mineral discovery.
The global demand for critical minerals is projected to reach $10 trillion by 2050, requiring a 30-fold production increase. However, traditional exploration methods have seen a 70% decline in efficiency over the past decade. Earth AI’s technology, which leverages AI to identify greenfield mineral deposits, offers a scalable solution to meet this surging demand.
“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. Earth AI is changing this paradigm using its proprietary AI and drilling technology that has already made verified discoveries in greenfield regions.”
Roman Teslyuk, Earth AI’s founder and CEO
The newly raised $20M will be allocated towards enhancing Earth AI’s AI-powered Mineral Targeting Platform (MTP) and its proprietary mobile low-disturbance drilling technology (MLD). This will enable the company to expand its project pipeline to over 50 sites and increase drilling capacity to 100,000 meters, maintaining an industry-low cost of $100 per meter.
In addition, the funding will support hiring initiatives and bolster R&D to further refine Earth AI’s predictive exploration capabilities. These developments are expected to significantly enhance the company’s ability to discover and validate new mineral resources efficiently.
Earth AI was founded in 2017 by Roman Teslyuk and is headquartered in Sydney, Australia, with additional operations in Los Angeles, CA. The company is revolutionizing the mining industry through its AI-powered Mineral Targeting Platform and proprietary low-disturbance drilling technology. Earth AI has achieved an industry-leading 75% discovery success rate, a stark contrast to the traditional exploration success rate of just 0.5%.
The company combines extensive data sets, including 400 million pieces of information and satellite imaging, to identify greenfield prospects—a key differentiator from traditional methods. By offering faster, more cost-effective exploration, Earth AI is playing a pivotal role in supporting the global energy transition.
Earth AI’s latest round was led by Tamarack Global and Cantos Ventures, with participation from Overmatch, Alpaca, Sparkwave Capital, and long-time supporters Y Combinator and Scrum Ventures. These investors have a proven track record of backing innovative companies that address significant market needs.
Previous funding rounds have laid the foundation for Earth AI’s growth, enabling the company to develop its proprietary technology and establish a strong presence in the mining sector. With the latest investment, Earth AI is well-positioned to scale its operations and drive further innovation.
