VerAI

VerAI Discoveries is an innovative AI-based mineral asset generator founded in 2020 by Yair Frastai and Amitai Axelrod. The company uses artificial intelligence and machine learning to detect concealed mineral deposits in underexplored areas covered by terrain. VerAI's technology analyzes geophysical data, including magnetic, gravimetric, electromagnetic, and seismic information, to identify patterns associated with mineral deposits that are not visible on the surface. This approach allows VerAI to discover mineral deposits with 100 times more accuracy, 20 times faster, and 20 times less expensively than traditional human-centric exploration techniques.

The company's AI platform generates high-probability targets for various minerals including copper, cobalt, nickel, lithium, zinc, gold, and silver. VerAI focuses on well-established mining jurisdictions like Canada, Australia, the US, Peru, and Chile, where 70-90% of the land is covered and underexplored using conventional methods. The company's systematic methodology aims to increase the probability of discovering economic deposits by two orders of magnitude compared to the industry standard of only one in 1,000 exploration projects becoming a mine.

VerAI operates as a project generator, creating mineral asset portfolios and partnering with exploration companies to develop them further. This capital-light approach allows VerAI to focus on its technological competitive advantage while leveraging the expertise of established mining partners. In March 2023, VerAI completed a USD 12 million Series A funding round led by T. Rowe Price Associates, with participation from Orion Resource Partners, Chrysalix Venture Capital, and Blumberg Capital.