Vancouver’s Minerva Intelligence, an artificial intelligence software company focused on building decision support tools for climate risk, mineral exploration and mining, announced the company has won Axora’s Global Cost-Saving Technology Challenge. The competition was launched earlier this year to discover new digital solutions for the metals and mining industries and promised to identify the solution that would best deliver rapid benefits, including full payback, within 12 months.
Minerva held off competitors with its AI-powered platform, DRIVER, which analyzes multi-element data to simulate the 3-D distribution and overlap of all the elements in a drilling dataset, where typically millions to tens of millions is spent on drilling.
DRIVER does this by employing machine learning-based statistical algorithms to automate the process of turning sparse drilling data into complete 3-D block models. DRIVER is fast, accurate and comprehensive, automatically generating 3-D block models of an entire drilling dataset within minutes, allowing decisions on them to be made quickly.
“It was an extremely close competition, but the judges unanimously agreed to award Minerva Intelligence’s DRIVER the first prize because its business case was so compelling,” said Dr. Nick Mayhew, chief commercial officer at Axora. “Minerva was able to demonstrate how its platform could save $75,000 upwards per drilling hole that you don’t drill, typically saving many times the cost of the solution, providing a hard cash saving together with time-to-completion advantages and a relatively simple deployment model.”
The competition’s judging panel included experts from Boston Consulting Group’s Digital Ventures and other key companies and organizations across the technology, oil and gas, and mining and metals sectors. Minerva’s winning cost saving solution will be onboarded onto the Axora marketplace and its digital marketing program, which drives demand for solutions like this one with mining companies all over the world.
More information about DRIVER can be found at www.MinervaIntelligence.com/DRIVER.