Insider Brief
- VerAI Discoveries raised $24 million in Series B funding, led by Insight Partners with continued support from Blumberg Capital, Chrysalix Venture Capital, and Orion Industrial Ventures, to advance its AI-driven mineral exploration.
- The company’s proprietary AI Discovery Platform identifies hidden mineral deposits, reducing exploration risks and costs while increasing discovery success in underexplored terrains.
- VerAI plans to accelerate the development of its 60+ mineral projects, expand its asset portfolio, and refine its technology to meet growing global demand for critical minerals.
PRESS RELEASE — VerAI Discoveries (VerAI), a pioneering AI-driven mineral asset company, is pleased to announce a $24 million first closing of its Series B round. The investment was led by Insight Partners, a global software investor specializing in high-growth technology and software investments, with continued support from existing investors Blumberg Capital, Chrysalix Venture Capital, and Orion Industrial Ventures. The new capital will help accelerate the testing and economic development of VerAI’s 60+ mineral projects with its exploration and development partners, while expanding the company’s portfolio and continuing to refine and advance its platform.
“This is a pivotal moment for VerAI,” said Yair Frastai, CEO and Co-Founder of VerAI Discoveries. “This new round of funding endorses our proprietary and validated AI-driven discovery platform that has generated a portfolio of high-probability mineral projects in underexplored covered terrains, while unlocking substantial value in resource development in an industry that has long relied on traditional exploration methods. We welcome Insight Partners’ support and the continued support of our existing investors, which allows us to drive innovation and develop our asset portfolio to meet the global demand for critical minerals.”
VerAI’s proprietary AI Discovery Platform is engineered to identify concealed deposits of critical minerals with high levels of accuracy. Unlike conventional exploration methods, VerAI technology detects hidden mineralization beneath covered terrains, including dense forests, ice sheets, gravel layers, and young rock formations — reducing risk and cost while increasing the likelihood of discovery.
Jeff Horing, Co-Founder and Managing Director at Insight Partners, will be joining VerAI’s Board of Directors. “VerAI Discoveries is helping unlock value in the mineral exploration sector, an area where innovation has traditionally lagged,” said Horing. “Their AI platform can transform how the world discovers and develops critical mineral resources essential for global economic growth, energy independence, and advanced defense solutions. We are excited to partner with VerAI’s strong leadership team as they scale their technology.”
About VerAI Discoveries, Inc.
VerAI Discoveries (VerAI) is an AI-driven mineral asset company that leverages its proprietary AI Discovery Platform to systematically identify and build an asset portfolio of high-probability locations of concealed mineral deposits. The company owns a rapidly growing portfolio of over sixty mineral projects and multiple royalties across North America and South America. By focusing on underexplored covered terrain within prime mining jurisdictions, VerAI dramatically increases the probability of discovering substantial deposits while mitigating economic risk. The company partners with leading industry investors and explorers to develop its global asset portfolio of base and precious metals targets, unlocking value and contributing to the global supply of critical minerals. For more information, visit https://ver-ai.com/.
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of September 30, 2024, the firm has over $90B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on X @insightpartners.
Media Contact:
Amie Cavarra
303–358–5452
amie.cavarra@ver-ai.com
