Mining companies drill rock cores to find out what is underground, and according to CORDIS, geologists have mapped them manually and subjectively. Minalyze, based in Sävedalen near Gothenburg, built the Minalyzer CS, a scanner that records chemistry, structures, density and photographs of drill cores, and wanted artificial intelligence to turn those scans into geological maps.
The European Innovation Council granted €1,944,337 towards SensAI Mining, a €2.79 million project planned from May 2022 to April 2024 to build "the first complete AI-driven drill core mapping solution". CORDIS records it terminated on 16 March 2024. By then Minalyze had been sold: on 19 September 2023 the drilling group Boart Longyear announced that its subsidiary Veracio would acquire all of Minalyze's shares for US$29.3 million, completing on 20 September 2023. The final report speaks of work continuing "under the new leadership of Veracio Ltd.", and the Swedish company is now registered as Veracio Sweden AB.
Company file
- Legal entity
- Veracio Sweden AB, formerly Minalyze AB, 556815-0501, Sävedalen
- Owner
- Veracio Ltd, a wholly owned subsidiary of Boart Longyear (since 20 September 2023)
- Products
- Minalyzer CS drill core scanner, Minalogger software
- Earlier customer
- LKAB (core logging, 2021)
- Register status
- Active
- EIC project
- SensAI Mining, from 1 May 2022, terminated 16 Mar 2024
- EIC funding
- Blended finance
Where Minalyze Stands Today
The company's registered name is now Veracio Sweden AB, at the same Sävedalen address. Veracio lists that address as its Gothenburg office and describes itself as the pioneer of core scanning "since 2009", with more than 140 staff, 10 offices and "4+ million" metres of core scanned. Its Perth office has the same address as Minalyze's Australian subsidiary. The Minalyze website is still online, but its last news post dates from May 2023. According to Boart Longyear's stock exchange announcement, Veracio paid in cash and promissory notes convertible into Veracio shares, funding the cash part from a new US$15 million term loan, and Minalyze's co-founders were to join Veracio's leadership team.
The Technology: From Scanner Data to Geological Maps
According to CORDIS, the project used data from the patented Minalyzer CS to generate geological maps automatically, cutting manual mapping "from weeks or months to minutes". Veracio now sells TruStructure, which uses computer vision to identify fractures, veins and core boundaries, and AutoLogger, which "can be trained to learn the geochemical signature of logged lithologies". Whether these products grew out of the EIC project is not stated.
The team made "significant advancements in automated geological mapping and set the stage for further innovations under the new leadership of Veracio Ltd."
SensAI Mining report, CORDISWhat the EIC Project Promised, and What CORDIS Shows
The project promised "the digital transformation of the mining industry" to secure critical metals for the green transition. CORDIS records the project as terminated six weeks before its planned end. Its report describes progress in general terms but gives no accuracy figures, customers or product release.
- AI drill core mappingUnclear"Significant advancements".
- Complete the projectTerminatedMarch 2024.
- A market productNot shownLink to Veracio tools unstated.
- Company growthUnclearAbsorbed into Veracio.
What Has Happened Since the Award
The Money
The award was blended finance; we found no record of an EIC Fund investment. Veracio paid US$29.3 million for Minalyze in September 2023, about 18 months after the EIC project began, so the grant-funded work continued inside a company owned by a Boart Longyear subsidiary. What the Swedish unit earns is not in the sources we could access.
What cannot be checked
Why the EIC project was terminated six months after the sale, how much of the grant was paid, and whether its AI work is in today's Veracio products are not public.
Why Europe Should Care
The project presented itself as a way to "enable access to critical metals and minerals needed for the green transformation". The Swedish company the EIC funded now operates as one office of Veracio, whose other listed offices are in the United States, Canada, Chile, Australia and South Africa.
What the project promised
The first complete AI-driven drill core mapping solution.
What the record shows
A $29.3M sale to Boart Longyear's Veracio in 2023, a project terminated in 2024 and undefined "advancements".
The Verdict
Sold mid-project, then terminated
Minalyze was sold for $29.3 million halfway through its EIC project, and the project was terminated six months later. The public record does not show what the EIC grant produced.
Minalyze and Veracio have not been asked for comment for this article. It is based entirely on company websites, a stock exchange announcement, EU project data and Swedish register information, linked throughout.
