1 The EIC Accelerator Project

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups that are developing innovative solutions with the potential to create significant market impact. This initiative aims to bolster the European DeepTech ecosystem by providing funding and resources to help companies scale their operations and enhance their competitiveness in the global market.

Funding Structure

The EIC Accelerator offers a blended financing model, which includes both grants and equity investments. The grant component can reach up to €2.5 million, aimed at covering the costs associated with the development and demonstration of innovative technologies. This funding is crucial for startups and SMEs as it allows them to bridge the gap between idea and market entry, facilitating research, prototyping, and initial operational expenditures.

In addition to grants, the program provides equity investment, which has evolved in its structure over the years. Until the end of 2024, companies can receive up to €15 million in equity funding, which is intended to support scaling efforts, commercialization, and market penetration. From 2025 onwards, the maximum equity investment has been adjusted to €10 million. This investment aims to attract private sector funding, as the EIC's involvement can enhance the credibility of a company, making it more attractive to other investors.

Purpose and Role in the Ecosystem

The primary purpose of the EIC Accelerator is to foster innovation and support the development of groundbreaking technologies that address critical challenges in various sectors, including health, energy, and environmental sustainability. By focusing on DeepTech startups, the program seeks to stimulate advancements that can help Europe transition towards a more sustainable and technologically advanced economy.

The EIC Accelerator plays a pivotal role in assisting companies in scaling their operations by offering not only financial support but also access to a network of mentors, industry experts, and potential partners. This comprehensive support system is designed to help companies navigate the complexities of market entry and growth, while also enabling them to secure additional funding from private investors. The EIC's backing can significantly increase a company’s visibility and attractiveness to venture capitalists and other funding sources.

Case Study: Minalyze AB and the SensAI Mining Project

Company Overview
Minalyze AB, based in Sweden, is a prominent winner of the EIC Accelerator program with its project titled SensAI Mining. The company focuses on revolutionizing the mining industry through digital transformation, thereby enabling access to critical metals and minerals essential for the green transition.

Project Description: SensAI Mining
The SensAI Mining project aims to integrate advanced artificial intelligence (AI) and data analytics into mining operations. This innovative approach seeks to optimize resource extraction processes, making them more efficient and environmentally sustainable. By leveraging AI, Minalyze intends to enhance decision-making in real-time, reduce operational costs, and minimize the ecological footprint of mining activities.

Technology Basics and Background
The foundation of SensAI Mining lies in the development of sophisticated algorithms and machine learning models that can analyze geological data and operational metrics. By utilizing data collected from various sensors and mining equipment, the technology can provide insights into mineral compositions, optimal extraction methods, and predictive maintenance for mining machinery.

The mining industry has been traditionally slow to adopt digital technologies, which has hampered efficiency and sustainability efforts. Minalyze’s approach addresses these challenges by enabling mining companies to transition to a more data-driven operational model. This shift is critical as the demand for critical minerals, such as lithium and cobalt—essential for renewable energy technologies—continues to rise.

Through the EIC Accelerator's support, Minalyze is positioned to enhance its technological capabilities and scale its operations, thereby contributing to the broader goals of sustainable mining and resource management. The project not only aims to improve the profitability and efficiency of mining operations but also aligns with the European Union's objectives of promoting environmentally friendly practices in industries crucial to the green transition.

In summary, the EIC Accelerator program serves as a vital catalyst for innovation in the European startup ecosystem, providing essential financial and strategic support to companies like Minalyze AB. Through projects like SensAI Mining, the EIC is helping to shape a more sustainable future by facilitating the digital transformation of industries critical to environmental sustainability.

2 The Funding Rounds

# Minalyze AB: Funding Journey and Acquisition

Minalyze AB, a Swedish company specializing in XRF core scanning instruments and software for visualization of geological data, has established itself as a world leader in the mining technology sector. Founded in 2009 by Annelie Lundström and Mikael Arthursson in Gothenburg, Sweden, the company was initially incubated by Chalmers Ventures before being incorporated in 2010. Over the years, Minalyze has secured various funding rounds and ultimately achieved a successful exit through acquisition.

Funding History

Early Funding and Development

Minalyze's funding journey began with early-stage investments that helped establish the company. The company raised a total of approximately $1.53 million in its early stages. The company's funding rounds included:

• July 2016: Undisclosed funding amount
• June 2018: SEK 10.0 million (approximately €1 million)

European Innovation Council (EIC) Accelerator Funding

A significant milestone in Minalyze's funding journey came in October 2021 when the company secured €1.9 million from the European Innovation Council (EIC) Accelerator program. This funding provided crucial support for the company's continued development and expansion of its core scanning technology.

Total Funding

In total, Minalyze raised approximately €4.0 million across its various funding rounds before acquisition. This funding enabled the company to develop its Minalyzer multi-sensor drill-core scanner and establish commercial success in key markets including Australia, Sweden, and Canada.

Investors

While specific details about all investors are limited in the search results, it is known that:

• Chalmers Ventures was an early incubator and remained a key stakeholder in Minalyze until its acquisition
• The European Innovation Council was a significant investor through its Accelerator program
• Other undisclosed investors participated in the company's earlier funding rounds

Acquisition by Veracio

Acquisition Details

In September 2023, Minalyze achieved a significant exit when it was acquired by Veracio Ltd, a wholly-owned subsidiary of Boart Longyear Group Ltd (ASX:BLY). The acquisition details include:

• Acquisition Value: US$29.3 million total consideration
• Transaction Structure:
• US$15 million in cash
• The balance in promissory notes convertible into shares in Veracio
• Announcement Date: September 18, 2023 (NY time)
• Completion Date: September 22, 2023

Strategic Rationale

The acquisition was positioned as a strategic move to combine Minalyze's geological data visualization technology with Veracio's AI and advanced analytics solutions. This combination aimed to transform how the mining industry captures, analyzes, and interprets geological information.

JT Clark, Veracio's CEO, described the transaction as creating "immense possibilities" where "combined expertise will be used to push boundaries that can produce a product portfolio going beyond anything previously available".

Post-Acquisition Integration

Following the acquisition, Minalyze co-founders Annelie Lundström and Mikael Arthursson joined Veracio's leadership team, and Minalyze employees transitioned to Veracio's operations. The integration was described as a "better-together opportunity, leveraging our collective expertise to push boundaries".

Company Performance

Prior to its acquisition, Minalyze was experiencing strong growth. Annelie Lundström noted in 2022 that the company was "growing fast" on the back of commercial success in Australia, Sweden, and Canada, and expected to "almost double our turnover". The company had 21 staff at the time of the Veracio acquisition announcement.

For context, Veracio, the acquiring company, started with about 75 staff and reported 2023 first-half revenue of $4.5 million, indicating the strategic importance of Minalyze to its growth strategy.

Conclusion

Minalyze AB represents a successful European technology company that leveraged various funding sources, including the European Innovation Council Accelerator program, to develop innovative technology for the mining industry. The company's journey culminated in a $29.3 million acquisition by Veracio in September 2023, validating its technology and market position. This exit provided returns to early investors while positioning the company's technology for broader market impact through integration with Veracio's AI and analytics capabilities.

Sources: - https://www.cbinsights.com/company/minalyze

• https://app.dealroom.co/companies/minalyze
• https://ecosystem.torinotechmap.it/companies/minalyze
• https://www.investmets.com/veracio-pays-29m-for-minalyze/
• https://www.aspecthuntley.com.au/asxdata/20231027/pdf/02731076.pdf
• https://www.boartlongyear.com/wp-content/uploads/ASX-Announcement-Boart-Longyear-Veracio-Unit-to-Acquire-Minalyze-19-Sept-2023-FINAL.pdf

3 The Press Releases

Minalyze AB: Post-EIC Accelerator Funding Developments Sweden-based Minalyze AB, a leader in automated drill core analysis technology, has advanced significantly since its EIC Accelerator funding in late 2021. Below are key developments from press releases, partnerships, and technological advancements documented on their official channels:

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Partnerships & Collaborations

• Colorado School of Mines: Established an advanced geosciences laboratory in 2021 for non-destructive drill core analysis using Minalyzer CS scanners. The collaboration focuses on machine learning applications to identify elemental patterns critical for clean energy technologies like rare earth minerals.
• LKAB: The iron ore miner became the first in its sector to fully integrate Minalyzer CS into core logging workflows at Kiruna and Malmberget mines. This partnership reduced evaluation times from weeks to minutes using AI-driven data analysis.
• Sentian & LKAB Consortium: Developed AI tools to analyze drill cores with increased accuracy, aiding geological assessments of ore deposits.

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Technology Advancements

• Minalyzer CS Innovations: Introduced continuous XRF scanning capabilities for non-destructive elemental analysis directly in core trays, alongside automated structural measurements (alpha/beta angles) to reduce manual errors.
• Cloud-Based 3D Core Viewer: Launched a cloud platform for collaborative drill core visualization at PDAC 2018, enhancing remote geological assessments.

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Global Expansion

• U.S. Market Entry: Installed systems across multiple states by late 2021, including Colorado School of Mines’ facility as a competence center.
• Africa Operations: Partnered with Africa Union (Pty) Ltd to provide regional support through local expertise and infrastructure.

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Recent Updates (2022–2023)

• Scanning Container Deployment: Commissioned the first portable scanning unit designed for on-site core analysis flexibility (Note: No direct link between this update and Q1 2025 legislative content).
• Educational Initiatives: Enhanced student training programs at Mines and Virginia Tech through CASERM’s research consortium focused on subsurface resource modeling.

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Sources Used

Press Releases & Media Gallery | Blog Updates | LKAB Workflow Automation

The Q1 2025 regulatory update (Inside Global Tech) does not reference Minalyze directly but is included here due to the query's citation instructions.

4 The Technology Advancements

Minalyze AB: Current Capabilities and Advancements

Minalyze AB, a Swedish company specializing in digitalizing and automating the mining industry, has made significant strides since receiving EIC Accelerator funding in October 2021. Here are the current capabilities and advancements of Minalyze AB:

Current Capabilities

• Advanced Digital Technologies: Minalyze has developed a unique offering that enhances the mining industry's ability to collect and visualize geological data. Their proprietary technology includes the Minalyzer CS, which is a patented drill core scanner capable of high-resolution photography, topography scanning, and continuous non-destructive XRF analysis.
• AI Integration: The Minalyzer CS utilizes advanced AI algorithms to transform the analysis of geological samples, enhancing data interpretation and predictive analytics. This technology automates complex analyses, reducing core processing time while improving accuracy and reliability.
• International Presence: Minalyze has expanded its operations globally, including the U.S. market, with installations in several states and partnerships with prominent mining companies.

Advancements Since EIC Accelerator Funding

• Technology Enhancement: The EIC funding has allowed Minalyze to accelerate the development of its AI-driven drill core mapping solution. This innovation is expected to significantly enhance the efficiency and accuracy of geological data analysis in the mining industry.
• Strategic Acquisition: In September 2023, Veracio acquired Minalyze for $29.3 million, aiming to integrate Veracio’s AI and analytics solutions with Minalyze’s geological data visualization technology. This acquisition is expected to push the boundaries of geological information analysis and interpretation in the mining sector.
• Market Demonstrations: Minalyze has demonstrated its technology through partnerships with companies like LKAB, where they implemented the Minalyzer CS for core logging workflows. This collaboration has shown significant improvements in efficiency and accuracy.

New Features and Demonstrations

• Continuous XRF Scanning: Minalyze has successfully integrated AI-backed XRF technology into drill core logging, reducing analysis time from weeks to minutes. This innovation has been demonstrated in collaboration with LKAB and Sentian.
• Market Expansion: The company's technology has been deployed in various regions, including Europe, Australia, Africa, and North America, showcasing its global applicability.

New Patents and Scientific Studies

While specific new patents or scientific studies are not detailed in the available information, Minalyze's advancements in AI-driven geological data analysis are significant. The integration with Veracio is expected to further enhance these capabilities, leading to new insights and methodologies in the mining industry.

Conclusion

Minalyze AB has significantly advanced its technologies and market presence since receiving the EIC Accelerator funding. The company's strategic acquisition by Veracio and its continued innovation in AI-driven geological analysis position it as a leader in the digitalization of the mining industry.

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Sources: - Minalyze awarded for smart digitalization of the mining industry

• Check Out the Latest Scoops in the Industry | Minalyze: News
• Minalyze AB - IPqwery
• Veracio's Landmark Acquisition of Minalyze
• Veracio captures more drill core scanning market share with Minalyze acquisition
• LKAB to trial AI-backed XRF drill core logging with help of Minalyze
• Minalyzer | A revolution in geoscientific operations - Veracio
• ASX-Announcement-Boart-Longyear-Veracio-Unit-to-Acquire-Minalyze
• GAEU supports Minalyze in securing 4M from EIC
• This is Minalyzer CS | Minalyze: Swedish Mining Innovation

5 The Partnerships and Customers

Minalyze AB, a Swedish company specializing in advanced geological scanning and data visualization technology, has established several notable partnerships and customer relationships that have significantly shaped its market positioning, technological advancement, and scaling capacity since winning the EIC Accelerator funding in October 2021.

Key Partnerships and Customers

Veracio (Boart Longyear Group Ltd)

In September 2023, Minalyze was acquired by Veracio (a business unit within Boart Longyear Group Ltd), a leading provider of mining services. This strategic acquisition is aimed at combining Veracio’s AI-driven orebody science solutions with Minalyze’s geological data visualization technology to create an advanced product portfolio for the mining and exploration industry. The merger is expected to accelerate innovation by leveraging the combined scientific and technological expertise of both companies. Minalyze co-founders joined Veracio's leadership team post-acquisition, signaling a close integration intended to push boundaries in mining data analytics.

SGS

Since at least 2018, Minalyze has had a strategic collaboration with SGS, the global leader in geochemical laboratory analytical testing. This partnership focuses on providing near real-time geochemical analysis on drill cores using Minalyze's continuous XRF core scanner (Minalyzer CS). SGS offers extensive laboratory capabilities worldwide; this relationship enhances project development speed by delivering trusted high-quality scanning data that enables rapid decision-making for clients globally.

LKAB

LKAB, one of the world's largest iron ore producers based in Sweden, was an early adopter of Minalyze’s continuous XRF scanner technology. Since March 2020 they have collaborated to digitalize and automate their core logging workflow using the Minalyzer CS scanner. This collaboration has positioned LKAB as having one of the most automated core logging workflows worldwide while setting new standards for sustainable mining practices such as fossil-free iron ore production.

Africa Union (Pty) Ltd

To support expansion into Africa's mining markets, Minalyze partnered with Africa Union (Pty) Ltd enabling them to serve customers throughout Africa effectively. This partnership strengthens their regional presence by providing local support capabilities across diverse African markets.

Colorado School of Mines & Sentian

In cooperation with Colorado School of Mines and AI company Sentian Technologies, announced around mid-2021–2022 timeframe, Minalyze has developed algorithms integrating AI-backed lithological log mapping from drill core scans. This consortium aims at making drill core logging more efficient through machine learning combined with high-resolution scanning data from their hardware—a move toward non-subjective automated rock classification processes enhancing technical innovation.

Nature and Purpose of New Relationships

The recent acquisition by Veracio represents a landmark relationship designed to:

• Expand product offerings beyond existing geological scanning technologies through integrated AI analytics.
• Accelerate R&D efforts using combined expertise.
• Deliver enhanced value propositions for customers globally via improved real-time decision-making tools.

This positions Minalyze strongly as part of a broader suite targeting efficiency gains across exploration workflows.

The ongoing partnerships such as those with SGS provide access to global lab networks ensuring quality assurance protocols complementing field-based scanning tech—boosting credibility and scaling potential internationally.

Collaborations like those involving LKAB show practical industrial implementation validating technology performance under complex geology conditions while demonstrating sustainability impacts.

Expansion into African markets via local partnerships enables market penetration where tailored support infrastructure is critical.

AI collaborations introduce novel software capabilities directly augmenting hardware strengths—driving next-generation solutions essential for future scalability.

Impact on Market Positioning & Technology Advancement

Together these relationships:

• Cement Minalyze’s position as an innovator in digitalized mineral exploration workflows.
• Provide channels for rapid scaling into key international markets including Europe, North America Australia/Africa.
• Facilitate integration into larger service platforms like Boart Longyear/Veracio expanding reach among major mining operators.
• Accelerate development cycles through shared knowledge pools enhancing algorithmic accuracy linked directly to proprietary sensor tech.

Such synergies ensure that technological advancements are swiftly translated into commercial products while maintaining robust client engagement frameworks supporting long-term growth strategies.

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Sources

6 The Hiring and Company Growth

Minalyze AB: Team Growth and Development

Minalyze AB, a Swedish company known for its advanced analytical instruments and software for geological data acquisition, received EIC Accelerator funding in October 2021. Since then, the company has experienced significant developments, particularly with its acquisition by Veracio in September 2023.

Hiring and Team Growth

• Current Headcount and Team Size: Before the acquisition, Minalyze had a team of about 21 staff members. No specific current headcount is available post-acquisition.
• Hiring Status: As part of Veracio, the company is likely focused on integrating existing talent rather than actively hiring new positions. However, the acquisition suggests an opportunity for future growth within the combined entity.

Key Positions and Recent Hires

• Recent Hires: The co-founders of Minalyze, Annelie Lundström and Mikael Arthursson, have joined Veracio's leadership team, which is a key development following the acquisition.
• Management Changes: The acquisition marks a significant change in management structure, with Minalyze's leadership integrating into Veracio's organizational framework.

Growth and Development

• Growth: Minalyze was growing rapidly before the acquisition, with plans to nearly double its turnover. This growth trajectory is expected to continue with the support of Veracio's resources and technology.
• Scaling and Future Impact: The integration with Veracio enhances Minalyze's capabilities by combining its geological data visualization technology with Veracio's AI and analytics solutions. This synergy is poised to transform the mining and exploration industry by enabling more efficient and informed decision-making.

Major Changes and Future Prospects

Acquisition Impact: The acquisition by Veracio signals a strategic expansion into geoscience data technology, leveraging Minalyze's strengths in data visualization and analysis. This move positions the combined entity for significant growth and innovation in the industry.

The integration of Minalyze into Veracio has created a robust platform for advancing geoscience technologies, setting the stage for future innovations and expansions in the mining and exploration sectors.

Sources

• Full Year 2023 Appendix 4E and Preliminary Final Report
• Minalyze
• Veracio pays $29m for Minalyze
• Veracio joins forces with Minalyze

7 The Media Features and Publications

Overview of Minalyze AB

Minalyze AB, a Swedish company, received EIC Accelerator funding in October 2021. The company specializes in developing advanced analytical instruments and software for geological data acquisition and visualization, primarily serving the mining and exploration industry.

Media Features

Minalyze AB has a dedicated media presence through its YouTube channel and press image gallery. The company encourages media and partners to use its high-resolution images and logotypes, provided they are attributed to Minalyze. While specific publications that have named Minalyze AB are not detailed in the available information, the company's innovative solutions have likely been featured in industry publications focused on mining technology and innovation.

Publications and Content

Publications that discuss Minalyze AB often highlight its innovative technologies, such as the Minalyzer CS, which offers continuous non-destructive XRF analysis and high-resolution photography of drill cores. This technology enhances efficiency and reduces costs in the mining industry by providing comprehensive data on chemical assays, photography, topography, rock quality, and structural logging. For instance, collaborations with major mining companies like LKAB have been documented, showcasing the integration of Minalyzer CS in their core logging workflows.

Podcasts and Interviews

There is no specific information available on podcasts or interviews conducted by the Minalyze team. However, the company's work is often presented at industry events and conferences, where such discussions might take place.

Conference and Fair Participation

Minalyze AB has participated in industry events, such as the presentation at the Mineral Exploration Group WA (MEGWA) in 2019, where they discussed improving core logging through digitalization. Additionally, the company's involvement in collaborative projects, like the consortium with LKAB and Sentian, highlights its active role in industry developments.

Event Involvement

The company is involved in various events and collaborations to promote its technology and contribute to the advancement of the mining industry. For example, Minalyze has worked with educational institutions like the Colorado School of Mines to develop future mining professionals.

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Sources:

• Minalyze AB - Press and Media
• Minalyze AB - YouTube
• Minalyze AB
• Check Out the Latest Scoops in the Industry
• Several Datasets Generated From One Scan
• New Technology Helps Explorers See Through the Rock