VRIFY Lands $12.5M Series B to Advance DORA, the World's First AI-Assisted Mineral Discovery Platform
The transformative power of DORA will be demonstrated live during the PDAC Convention
VANCOUVER, BC, Feb. 27, 2025 /PRNewswire/ -- VRIFY Technology Inc., a technology company combining advanced AI with deep industry expertise to transform how minerals are found, has raised CAD$12.5 million in Series B funding. Led by New York–based venture capital firm LGVP, with continued support from Series A funders RCF Innovation and Beedie Capital, this round brings VRIFY's total funding to over CAD$30 million.
The investment will accelerate industry-wide adoption of DORA, the world's leading AI-Assisted Mineral Discovery Platform. VRIFY has designed DORA as a sector-wide R&D tool, uniquely placing the platform directly into the hands of the geologists and geoscientists tasked with finding the minerals the world needs to feed supply chains, secure borders, and build energy solutions.
DORA will be publicly unveiled to the industry for the first time during the 2025 Prospectors & Developers Association of Canada Convention on Monday, March 3, 2025 at 12:30pm in the VRIFY Lounge on the Investors Exchange Floor (booth 3321) at the Metro Toronto Convention Centre.
At the 2024 PDAC Convention, VRIFY announced its expansion into the artificial intelligence space, demonstrating early potential with a small group of beta clients. Since then, 26 early-adopter clients using DORA, including Canterra Resources, RUA Gold, and Southern Cross Gold, have partnered with VRIFY. In September 2024, Southern Cross (SXGC) made a high-grade, gold discovery at its Sunday Creek project from a target identified independently by both DORA and the SXGC exploration team — the first of many new discoveries VRIFY plans to deliver to the mineral exploration industry.
Steve de Jong, Founder & CEO of VRIFY commented: "The urgency to discover new precious metal and critical mineral deposits has never been greater. Governments across Canada, the United States, Australia, and the world are finally recognizing the strategic importance of natural resources and the value of advancing them efficiently and with precision. As capital begins flowing back into the sector, 2025 is set to be the year of AI-assisted mineral discoveries and we're playing a pivotal role in making this happen.
Artificial intelligence in mineral exploration isn't some future concept — it's happening now. At VRIFY, we are unlocking the real power of AI in our sector by fusing proprietary technology with deep industry experience to deliver DORA, the world's first AI-Assisted Mineral Discovery Platform.
Led by Jean-Philippe Paiement — a geologist by profession who has been a pioneer in AI for mineral exploration since his team won the $1 Million Integra Gold Rush Challenge in 2016 — our technical team consists of top-tier geologists, geophysicists, and some of the brightest AI and data experts in the field.
We've built a highly efficient, breakeven business that allows us to put this external funding into exciting initiatives that will continue to solidify VRIFY's leadership position in the AI-Assisted Mineral Discovery category. This investment will accelerate the adoption and capability of DORA, ensuring that the smartest companies in the industry benefit from real, actionable insights complete with geoscientific explanations — not black-box algorithms. Our industry is evolving faster than ever, and the mineral exploration and mining companies that fail to adopt and communicate a clear AI strategy risk being left behind."
Leading the Series B round is LGVP, a venture capital firm led by entrepreneur Itai Tsiddon, co-founder of Lightricks, a unicorn in the creative software space. LGVP also backed Frame.io, which was ultimately acquired by Adobe for $1.3 billion, and Mews, which has a market valuation of $1.2 billion.
Tsiddon commented: "As an investor and former entrepreneur, I focus on a few high-impact ventures and work closely alongside founders. This approach has consistently led to outlier results, and I am confident we will achieve the same with VRIFY. The company has built the world's leading AI technology for mineral exploration and mining. They have done so as industry insiders, during a time when the need to discover more critical minerals is being recognized globally. The company has already built a deep trust with their early customers, and we're excited to support Steve and his team as they scale DORA, a game-changing platform that will drive real value in the sector."
Introducing DORA, the World's First AI-Assisted Mineral Discovery Platform
DORA harnesses proprietary AI, data visualization, and deep-learning models to transform vast datasets into actionable insights. By integrating VRIFY's proprietary geological dataset — one of the industry's largest — and project-specific information, DORA rapidly synthesizes complex insights and identifies hidden patterns. Continuously refined with new geoscientific inputs, DORA provides clients with clear, data-driven explanations, enabling teams to focus on strategic geology and accelerate discovery from months to minutes.
Jean-Philippe Paiement, Chief Technology Officer at VRIFY, commented: "With DORA, we are putting the power of AI and tens of millions of dollars of R&D directly into the hands of geologists through our user-facing platform. It's like ChatGPT for geology. We are not here to replace geologists and their vast knowledge of a project. We are here to supercharge that knowledge through a tool that enhances exploration accuracy, improves discovery rates, builds investor confidence, and makes the sector more attractive to investment.
True to our culture of rapid innovation, we are aggressively expanding our team and recruiting top geologists, geophysicists, and data scientists. We aim to scale our technical and business development teams rapidly within the next 12 months as we onboard forward-thinking companies eager to approach mineral exploration through a modern, geoscience-driven lens."
VRIFY also collaborates with its clients to transform complex geological data into interactive, visually engaging presentations, bridging the gap between technical and non-technical audiences — ultimately showcasing the value of discoveries.
Live DORA Demonstration at PDAC Convention
Steve de Jong and JP Paiement will present a live demonstration of DORA at the VRIFY Lounge on Monday, March 3, 2025 at 12:30 pm on the Investors Exchange Floor (Booth 3321) at PDAC.
On Tuesday, March 4, 2025 at 12:30 pm VRIFY will host a conversation with early-adopter clients who have seen first-hand the power of this world-first technology.
About VRIFY
VRIFY transforms mineral exploration using DORA, an AI-Assisted Mineral Discovery Platform that helps mining companies more effectively predict mineral deposits, assess exploration potential, communicate project value to investors, and secure investment. With nearly 200 companies across 70 countries partnering with VRIFY, including 26 early-adopter clients using DORA, we set the standard for analyzing and presenting exploration data. Our team of over 100 geoscientists, data scientists, developers, and industry professionals combines deep geological expertise with cutting-edge AI to deliver actionable insights and make discoveries.
To learn more about VRIFY visit https://vrify.com
Media Contact: Morgan Murphy, The Clú Group, E: [email protected] or [email protected], M: 416-629-2143
SOURCE VRIFY Technology Inc.
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