Central regions | Materials, extraction | Finance, business

VCs support artificial intelligence in ore mining

22 Aug '19
A Russian venture fund called Gagarin Capital and Y Combinator, the famous U.S.-based accelerator, have jointly invested $2.5m in Ukrainian technology that brings artificial intelligence into the business of minerals exploration and extraction, Forbes reported.

Set up in 2016 by Ukrainian nationals, the start-up Earth AI makes it possible to prognosticate new mineral deposits much faster, more accurately, and at less costs than with the current conventional techniques, claimed Roman Teslyuk, one of the cofounders of the start-up. The new funding round is expected to help the Ukrainian company fine-tune the already working technology and step up the effectiveness of search for minerals.

Earth AIs approach is based on the analysis of big data that comes from remote sounding, radiometry, and a range of geophysical and geochemical indicators. The neural network enhanced system analyzes this information and applies probabilistic methods to predicting possible industrial-scale deposits of various metals, from gold, copper and lead to rare earths and transitions. All that is said to enable Earth AI to find spots and do test drilling on new mining fields with what appears to be an unrivaled saving of time and costs.
Publish in Twitter
Write to Facebook
Google Buzz
Write to LiveJournal
Show in MM
Share MK
COMMENT ON THIS STORY
Find Related Content

Locations:

Latest News: Central regions
18 Sep '19 | Technology & innovation
18 Sep '19 | Finance, business
17 Sep '19 | Technology & innovation
17 Sep '19 | Finance, business | Technology & innovation
 

Feature stories

25 Jul '19
Russian scientists have come up with a new method of...
26 May '19
This article has been written by Carl Burch, an MBA,...
4 Apr '19
Russian scientists have come up with what they say is...
Search (News archive - 21470)
Advertising
Vox_Angelis
Advertising
NATT
Advertising
Venture_Russia_2018
Advertising
Marchmont News

Latest News

18 Sep '19
Vitalik Buterin, the co-founder of the Ethereum...
17 Sep '19
Rostelecom, the national telecom operator, is...
16 Sep '19
OCSiAl, a large developer of Russian single-walled...

Most read stories from last week

16 Sep '19
OCSiAl, a large developer of Russian single-walled...
17 Sep '19
Rostelecom, the national telecom operator, is...
18 Sep '19
Vitalik Buterin, the co-founder of the Ethereum...