Terra AI, an artificial intelligence company backed by Khosla Ventures, has raised US$20 million in an investment from BHP Ventures to develop mineral exploration technology.
The company develops software that combines geological, geophysical, geochemical and drilling data to generate 3D subsurface models of exploration projects. According to Terra AI, this technology helps users evaluate uncertainty and improve drill targeting.
“Explorers today face increasing complexities like rising project uncertainty and immense pressure to bring new resources online faster,” said John Mern, the chief executive officer at Terra AI. Mern added that the money will allow the company to scale its generative models “to meet critical mineral demand.”
According to Terra AI, its software has already been adopted in commercial gold, copper and rare earth element projects. The company is also applying its technology to carbon storage and geothermal development, where understanding subsurface uncertainty is critical.
“Successful exploration depends on reducing geological uncertainty and progressing opportunities efficiently,” said Laurel Buckner, the vice-president of ventures at BHP.
“The world’s ability to discover and develop critical resources is fundamentally constrained by outdated, fragmented exploration,” said Rajesh Swaminathan, a partner at Khosla. Swaminathan said that he believes Terra AI’s technology will accelerate the development of critical minerals worldwide.
Khosla is a venture capital firm that invests in early-stage companies across sectors including artificial intelligence, financial services, healthcare, consumer products, enterprise software and sustainability. Its portfolio includes OpenAI, Instacart and DoorDash.
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