VerAI Discoveries Secures $24M in Series B to Expand AI Mineral Exploration

Deal News | Feb 26, 2025 | PR Newswire Cision VerAI Discoveries, Inc.

VerAI Discoveries, an AI-driven mineral asset company, has raised $24 million in its Series B funding round, led by Insight Partners. The funding aims to accelerate the development of VerAI's extensive portfolio of over 60 mineral projects using its innovative AI Discovery Platform, which identifies concealed mineral deposits with high accuracy. This injection of capital will aid in refining VerAI’s technology, expand its exploration activities, and contribute to meeting the global demand for critical minerals. With continued support from previous investors such as Blumberg Capital, Chrysalix Venture Capital, and Orion Industrial Ventures, this round marks a significant milestone for VerAI, underscoring the importance of technology in transforming traditional mineral exploration methods. Insight Partners' Managing Director, Jeff Horing, will join VerAI's Board of Directors to assist in scaling the company’s operations.

Sectors

  • Mineral Exploration
  • Artificial Intelligence
  • Venture Capital

Geography

  • United States – VerAI Discoveries is based in Boston, and the lead investor, Insight Partners, is headquartered in New York City.
  • North America – VerAI's portfolio includes mineral projects in North America.
  • South America – VerAI is expanding its mineral asset portfolio in South America.
  • Global – Insight Partners operate globally, reinforcing the international aspect of the funding and development efforts.

Industry

  • Mineral Exploration – The application of AI technologies to improve efficiency and accuracy in discovering mineral resources in underexplored areas.
  • Artificial Intelligence – VerAI uses AI technology to identify hidden mineral deposits, transforming traditional exploration methods.
  • Venture Capital – The involvement of Insight Partners and other venture capital firms in funding VerAI's expansion.

Financials

  • $24 million – The amount raised by VerAI Discoveries in the Series B funding round.
  • $90 billion – Regulatory assets under management by Insight Partners as of September 30, 2024.

Participants

NameRoleTypeDescription
VerAI Discoveries, Inc.TargetCompanyAn AI-driven mineral asset company focused on identifying and building a portfolio of concealed mineral deposits.
Insight PartnersLead InvestorCompanyA global software investor specializing in high-growth technology investments, leading the Series B funding round.
Blumberg CapitalInvestorCompanyExisting investor participating in VerAI's Series B funding round.
Chrysalix Venture CapitalInvestorCompanyVenture capital firm focused on sustainable innovation, participating in VerAI's Series B funding round.
Orion Industrial VenturesInvestorCompanyInvestor supporting VerAI in the Series B funding round, with interests in industrial advancements.
Jeff HoringBoard MemberPersonCo-Founder and Managing Director at Insight Partners, joining VerAI's Board of Directors.
Yair FrastaiCEOPersonCEO and Co-Founder of VerAI Discoveries, leading the company's strategic direction.