Vrify Technology, a provider of AI-powered minerals exploration solutions, raised CAD$12.5 million in Series B funding.
The funding round was led by New York-based venture capital firm LGVP, with participation from existing investors: RCF Innovation and Beedie Capital.
The Canada-based startup stated that the fresh funds will help it accelerate industry-wide adoption of its AI-Assisted Mineral Discovery Platform, DORA. Vrify Technology has developed DORA as a sector-wide R&D tool, uniquely placing the platform directly into the hands of the geologists and geoscientists tasked with finding the minerals the world needs to feed supply chains, secure borders, and build energy solutions.
Steve de Jong, Founder & CEO of Vrify Technology, said: “The urgency to discover new precious metal and critical mineral deposits has never been greater. Governments across Canada, the United States, Australia, and the world are finally recognizing the strategic importance of natural resources and the value of advancing them efficiently and with precision.”
“As capital begins flowing back into the sector, 2025 is set to be the year of AI-assisted mineral discoveries and we’re playing a pivotal role in making this happen,” added Steve de Jong.
The latest funding round brings the company’s total funding raised to date to over CAD$30 million.