Earth AI’s $20 Million Funding Will Dominate Mineral Discovery from Start to Finish

What makes Earth AI stand out is that it’s its business model.

The world is starving for metals. From lithium in your smartphone to copper in electric vehicle batteries, the need for essential minerals is increasing. However, finding these metals is becoming increasingly difficult, time-consuming, and expensive. Traditional mining exploration is similar to looking for a needle in a haystack, only the haystack is the size of a continent and the needle is buried miles underground.

Earth AI is a firm that is using a powerful combination of artificial intelligence and cutting-edge drilling equipment to change the way minerals are discovered. And now, with a fresh $20 million in Series B funding, Earth AI is prepared to advance its ambition to identify the metals the world sorely requires. The funding round, announced Monday, was led by Tamarack Global and Cantos Ventures, with participation from Overmatch, Alpaca, Sparkwave Capital, and existing investors like Y Combinator and Scrum Ventures. The oversubscribed round speaks volumes about the confidence investors have in Earth AI’s approach—and the urgency of the problem it’s solving.

A Global Shortage of Critical Minerals

Let’s face it: the clean energy transition is more than just installing more wind turbines and solar panels. It’s about protecting the raw ingredients that enable those technologies. Lithium, cobalt, nickel, copper, and palladium are more than just elements on the periodic table; they are the foundation for a sustainable future. According to the International Energy Agency, the demand for battery materials such as lithium might increase by up to 13 times by 2040. However, as demand is skyrocketing, fresh mineral discoveries are becoming increasingly scarce. The mining industry is struggling to keep up, and the exploration process, which is sometimes sluggish, costly, and inefficient, contributes significantly to the problem.

Traditional exploration methods involve geological surveys, historical data, and a lot of guesswork. Drilling projects can last years and cost hundreds of millions of dollars, with no guarantees of success. In actuality, the industry’s discovery success rate is below 0.5%. This is where Earth AI comes in.

AI Meets Drilling

Earth AI was founded in 2017 by Roman Teslyuk and has since created a two-pronged method to mineral discovery that is both creative and effective. First, there’s the AI-powered Mineral Targeting Platform (MTP), which sifts through huge datasets ranging from geological maps to satellite photos to discover intriguing mineral opportunities in previously untapped regions.

Once a target is identified, Earth AI deploys its proprietary mobile low-disturbance drilling technology (MLD) to verify the findings. This isn’t your grandfather’s drilling rig—it’s faster, cheaper, and far less disruptive to the environment. Together, these technologies have enabled Earth AI to achieve a discovery success rate of 75%, compared to the industry average of 0.5%, while slashing exploration costs by up to 80%.

Recent Wins and Big Plans

Earth AI’s track record speaks for itself. In 2024, the company identified a new gold system at its Willow Glen molybdenum-gold project near Guyra, New South Wales. Even more impressive, in partnership with Legacy Minerals, Earth AI announced the discovery of one of the largest palladium mineral systems in Australia. These successes are just the beginning. With the new funding, Earth AI plans to expand its project pipeline to over 50 sites and increase its drilling capacity to 100,000 meters at an industry-leading cost of approximately $100 per meter.

“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,” said Teslyuk. “Earth AI is changing this paradigm using its proprietary AI and drilling technology that has already made verified discoveries in greenfield regions. This new round of funding will be critical to expanding our operations and establishing a pipeline of attractive new mining projects for the industry.”

Why Investors Are Betting Big

The Series B round wasn’t just oversubscribed—it was a vote of confidence in Earth AI’s ability to disrupt an industry that’s ripe for change. Jamie Lee, managing partner at Tamarack Global, put it succinctly: “We are always attracted to companies operating in large addressable markets like critical minerals that have found unique ways to create superior cost structures and defensibility in their approach. Earth AI fits squarely within this target and has already proven industry-leading success rates using their AI engine, the Mineral Targeting Platform, which we believe to be the best-trained model amongst any other players in the space. We are very excited to lead this round and believe the future is very bright for this incredible company.”

What makes Earth AI stand out is that it’s its business model. Unlike traditional exploration companies, which often sell software or services to miners, Earth AI operates as a vertically integrated explorer and driller. This means it controls the entire discovery process, from prospecting to drilling to validation. Once a deposit is confirmed, Earth AI can either sell the mining rights to larger companies or develop the resource itself. It’s a model that’s already paying off. Over the past six months, Earth AI has made three significant discoveries, accounting for roughly 7% of the industry’s total discoveries in 2023.

One of Earth AI’s most notable discoveries came on just its second drilling attempt: a high-grade molybdenum deposit with an ore grade twice as high as existing mines. The total discovery cost? $2 million—a fraction of the industry average of $218 million. And because Earth AI owns 100% of the deposit, it stands to reap the full rewards.

But the company isn’t stopping there. In partnership with Legacy Minerals, Earth AI discovered a palladium-platinum-gold-copper-nickel system, and with Tivan, it uncovered high-grade lead and silver deposits in Sandover. These discoveries aren’t just impressive—they’re a testament to the power of combining AI with innovative drilling technology.

Earth AI’s success comes at a critical time. The global demand for critical minerals is expected to reach $10 trillion by 2050, and current production will need to increase by 30 times to meet that threshold. Yet, the mining industry is fragmented, with exploration often outsourced to micro-cap companies that lack the resources and technology to operate efficiently. Earth AI is stepping into this gap, offering a faster, cheaper, and more reliable way to discover the metals the world needs.

“The path to net zero will be forged with metals,” said Teslyuk. “Earth AI is dedicated to the success of our partners. We work with high-potential mineral resource companies, helping them improve their odds of success while keeping costs low. With accurate AI-driven prospect detection, modular hardware, and streamlined operations, we are well-positioned to meet the coming tidal wave of demand.” And their twitter page is for sure a great discovery channel you need to check out

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Picture of Anshika Mathews
Anshika Mathews
Anshika is the Senior Content Strategist for AIM Research. She holds a keen interest in technology and related policy-making and its impact on society. She can be reached at anshika.mathews@aimresearch.co
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