There’s Gold in AI-Driven Mineral Exploration Technology

VerAI Discoveries, a Boston-based AI-driven mineral discovery company, has closed a $24 million Series B funding round.

The round was led by Insight Partners, with participation from existing investors Blumberg Capital, Chrysalix Venture Capital, and Orion Industrial Ventures.

VerAI’s proprietary AI Discovery platform is designed to detect concealed mineral deposits with a high level of accuracy. Unlike conventional exploration methods, VerAI’s technology identifies minerals hidden beneath covered terrains, including forests, ice sheets, gravel layers, and rock formations. By reducing the risk and cost associated with exploration, the platform increases the probability of successful and profitable discoveries.

For example, an exploration company seeking to discover new copper deposits in a geologically promising but underexplored region, such as the Andes Mountains, could use the AI Discovery platform to enhance its exploration efforts. Traditionally, exploration in this region would rely on surface sampling, geological mapping, and expensive drilling campaigns, which carry financial risk and require substantial time.

By partnering with VerAI, the exploration company could leverage AI-driven predictive modeling to analyze vast geological datasets, including satellite imagery, geophysical surveys, and historical drilling records. VerAI’s technology would identify areas with a high probability of containing concealed copper mineralization beneath layers of vegetation, ice, or rock formations—locations that might otherwise be overlooked using conventional exploration techniques.

Once the VerAI platform generates target locations, the exploration company could then conduct more focused field studies and drilling, reducing the number of test sites and improving the efficiency of resource discovery.

“This is a pivotal moment for VerAI,” said Yair Frastai, the CEO and co-founder of VerAI Discoveries. “This new round of funding endorses our proprietary and validated AI-driven discovery platform that has generated a portfolio of high-probability mineral projects in underexplored covered terrains, while unlocking substantial value in resource development in an industry that has long relied on traditional exploration methods. We welcome Insight Partners’ support and the continued support of our existing investors, which allows us to drive innovation and develop our asset portfolio to meet the global demand for critical minerals.”

VerAI’s new capital will be used to support the testing and economic development of its more than 60 ongoing mineral projects across North America and South America. These projects are being carried out in partnership with exploration and mineral development companies. The funding will also support new business development and further refinement of its AI mineral discovery platform.

“VerAI Discoveries is helping unlock value in the mineral exploration sector, an area where innovation has traditionally lagged,” said Jeff Horing, a co-founder and managing director at Insight Partners. “Their AI platform can transform how the world discovers and develops critical mineral resources essential for global economic growth, energy independence, and advanced defense solutions. We are excited to partner with VerAI‘s strong leadership team as they scale their technology.” With the closing of this Series B round, Mr. Horing will join VerAI’s board of directors.

Insight Partners invests in high-growth technology, software, and internet startups. In January, the firm announced the closing of its thirteenth flagship fund, a dedicated buyout co-invest fund, and a structured equity fund (Opportunities Fund II LP) with a combined $12.5 billion in capital. Founded in 1995, Insight Partners is headquartered in New York City.

Also announced this week was the closing of a C$12.5 million Series B round for another AI-powered exploration company, VRIFY Technology, a Vancouver, British Columbia-based developer of DORA, an advanced technology that leverages data visualization and deep-learning models for mineral discovery. VRIFY, led by founder and CEO Steve de Jong, works with nearly 200 mining companies across 70 countries and employs over 100 geoscientists, data scientists, and developers.

DORA has been adopted by 26 early clients, including Canterra Resources, RUA Gold, and Southern Cross Gold. In September 2024, Southern Cross Gold reported a high-grade gold discovery at its Sunday Creek project from a target identified independently by both DORA and the company’s exploration team.

The new Series B round was led by LGVP, a venture capital firm founded by Itai Tsiddon, a co-founder of Lightricks, a developer of content creation technology. Also participating in this round were RCF Innovation and Beedie Capital.

LGVP, which previously backed Frame.io (acquired by Adobe for $1.3 billion) and Mews (with a market valuation of $1.2 billion), led the round.

“As an investor and former entrepreneur, I focus on a few high-impact ventures and work closely alongside founders,” said Mr. Tsiddon. “VRIFY has built the world’s leading AI technology for mineral exploration and mining, earning deep trust with early customers. We are excited to support Steve and his team as they scale DORA, a game-changing platform that will drive real value in the sector.”

Since its founding in 2017, VRIFY has now raised more than C$30 million in capital.