Lithosquare: $22 Million to Revolutionize Mining Exploration

Lithosquare: A Strategic Fundraising for Mining Innovation

Lithosquare, a startup specializing in mining exploration, has recently raised €22 million to develop its artificial intelligence platform dedicated to discovering critical metal deposits. This fundraising round was led by World Fund and Kindred Capital, with participation from Daphni, Omnes Capital, and Ovni Capital. The goal is to strengthen teams, expand the company's international presence, and continue refining its technology.

An Urgent Need for Critical Metals

Over 1,000 new mineral deposits need to be discovered and developed by 2040 to meet the growing global demand for critical metals such as copper, lithium, and nickel. The supply deficit could reach $350 billion per year, exacerbating pressure on emerging industries like electric vehicles and data centers that heavily rely on these resources.

AI to Accelerate Exploration

Founded in 2024 by Aymeric Préveral-Etcheverry, Lithosquare is leveraging artificial intelligence to revolutionize mining exploration. Simon Leclair joined the company shortly after its inception, bringing his expertise to strengthen the team. AI significantly reduces the time required to identify new deposits, making the process ten times more efficient than traditional methods. Generally, it takes between 7 and 15 years to move from exploration to the discovery of a deposit, a timeframe that Lithosquare hopes to drastically reduce.

Aymeric Préveral-Etcheverry, co-founder and CEO of Lithosquare, noted that the mining industry suffers from a bottleneck due to excessive time spent on data processing, at the expense of geology and fieldwork. With advanced geological models, the startup aims to optimize exploration and minimize unnecessary drilling, thereby reducing environmental impact.

The CRM Act: A Springboard for Europe

Europe, currently dependent on China for about 60% of critical mineral refining, is seeking to enhance its autonomy. The Critical Raw Materials Act (CRM Act) aims to increase local extraction, processing, and recycling of critical materials by 2030. Specifically, the goal is for local extraction to meet 10% of the European Union's annual needs, processing to reach 40%, and recycling to cover 25%.

Lithosquare aligns with this strategy, with the ambition to become a key player in achieving these European objectives. In addition to Europe, the startup is already collaborating with mining companies in the United States, Africa, and Latin America. This international expansion reflects Lithosquare's commitment to playing a major role in the global mining sector.