Lumo's LIBS technology uses lasers to quickly analyze core samples for critical minerals.
Calgary GeologicalII Acquires Fellow Mining Tech Startup Lumo Analyticsa Finnish firm that helps companies discover critical minerals.
Under the terms of the deal, Lumo's technical experts and team will join GeologicAI. Financial terms were not disclosed, but the acquisition comes a few months after GeologicAI closed. $61 million in Series B funding to scale and expand its sensor technologies globally. This is also in line with GeologicAI's 2024 forecast. purchase Resource Modeling Solutions, which sells geostatistical modeling software and services.
GeologicAI uses artificial intelligence and sensors to help mining companies analyze rock samples for important minerals such as lithium, copper and rare earth metals. The startup says the deal with Lumo “completes” its suite of sensors for the critical minerals sector.
GeologicAI's Steve Buckley claims that Lumo has created “the most compact and efficient LIBS scanner available on the market.”
Lumo has developed a device that uses a technique called laser-assisted breakdown spectroscopy (LIBS) to quickly analyze the composition of drill core samples. LIBS uses a high-energy laser pulse that vaporizes a tiny spot on the stone, creating a short-lived plasma that emits light that reveals the elements present in it.
According to GeologicAI senior vice president of engineering Steve Buckley, Lumo has created “the most compact and efficient LIBS scanner available on the market.”
Founded in 2013, GeologicAI bills itself as a provider of “rock analytics for the modern mining industry.” Through its AI-powered software and hardware, the startup aims to help geologists collect data on critical minerals beneath the Earth's surface faster and more efficiently than manual core logging processes. The goal is to help mining companies make faster and more efficient decisions about where to explore and how to design and operate their mines.
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Demand for critical minerals has increased amid the boom in artificial intelligence data centers and the energy transition. GeologicAI founder and CEO Grant Sanden said this has led to a “critical minerals crisis” in the mining industry.
“To address this challenge, we are pursuing a strategy of combining rich in-source data, industry expertise and advanced, specialized analytics,” Sandén said in a statement. “This acquisition represents a key step forward in our mission.”
Image provided GeologicalII.
