Ukrainian AI startup Beholder in the field of mineral exploration raises $1M investment

Ukrainian AI startup Beholder in the field of mineral exploration raises $1M investment

The round was led by InnoEnergy, with participation from Rockstart and STRT Ventures funds.

Founded in 2021 by Ukrainians Andriy Sevryukov, Serhii Lubkin, and Daniil Lubkin, Beholder develops an AI-based Remote Sensing Platform for critical minerals and energy resources exploration. It utilizes machine learning to process data from satellites to make predictions on mineral deposits at the same time thanks to remote sensing technology.

The startup claims its tech stack allows to map minerals which are critical to green energy transition , rare earth elements, conventional and non conventional energy resources, verify geological prospects and automate sustainability reporting. It also assists with green mining practices through providing data on environmental impact and insights.

Currently, the startup has offices in Midlletown and Tallinn. The startup’s clients include mining companies Filo Mining, GrupoHunosa, Petroteq Energy, etc.

The Rockstart Energy Program aligns perfectly with our focus on the energy transition. With our advanced technology, we aid miners to deliver critical minerals for batteries, motors, and generators which are vital to get to net 0 goals by 2050. Rockstart provides support with networking, scale strategy, outreach, and great mentorship and guidance.

The round was led by the European InnoEnergy fund. Rockstart, an Amsterdam-based early stage investor, and STRT Ventures, a global early-stage VC investor in B2B startups in the financial services sector were the co-investors.

Beholder will use the funds to scale the business, enter foreign markets, and develop two versions of the product for B2C and B2B. In 2024, the startup plans to increase the company’s capitalization to $20-30 million and sign contracts with 20 new clients.

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