During the previous summer, KoBold, a mining startup, gained attention by announcing the discovery of a significant copper deposit in Zambia. Recently, another startup called Earth AI shared with TechCrunch its own finding of promising deposits of essential minerals in Australia’s regions that had been neglected by other mining companies for many years. While the scale of these deposits compared to KoBold’s is still uncertain, the news suggests that the future availability of critical minerals will likely result from a blend of field data studied using artificial intelligence.
Roman Teslyuk, the founder and CEO of Earth AI, emphasized to TechCrunch that the forefront of mining advancements is more about technological advancements than geographical locations. Earth AI has pinpointed deposits of copper, cobalt, and gold in the Northern Territory, as well as silver, molybdenum, and tin in New South Wales, about 310 miles northwest of Sydney.
Growing from Teslyuk's academic journey, Earth AI was established during his doctoral studies at the University of Sydney, where he got well-versed with the mining sector in Australia. With the Australian government owning mineral rights and leasing them for six-year terms since the 1970s, vast exploration data is amassed in a national archive, largely untapped by others until Earth AI's inception.
Previously, Earth AI focused on predictive software to identify potential mineral deposits, encountering reluctance from investors due to the unproven nature of the technology. This led Earth AI to design its drilling equipment to demonstrate the viability of the identified sites. After being selected for Y Combinator’s batch in 2019, Earth AI improved its hardware and software, culminating in a successful $20 million Series B funding round in January.
While Earth AI, like KoBold, utilizes AI technology to discover minerals, Teslyuk distinguishes their approach. Earth AI's algorithms efficiently scan vast regions to uncover overlooked mineral deposits, contrasting with KoBold's methods.