Datarock, which is owned by two private companies, Solve Geosolutions Pty Ltd and DiUS Computing Pty Ltd, which recently combined to both operate under the Datarock name, has extensive geoscience and data science expertise that has led to the development of a cloud-based platform that applies artificial intelligence and machine learning to automate the extraction of geological and geotechnical information from core imagery, videos, and point clouds. This automation creates high value datasets that drive efficiency within mining operations.
Datarock's products are applicable across the mining value chain, from geotechnical analysis of drill core during drill out, through to the mining and extraction phase. It has an existing customer base with major mining companies globally. It has established a prominent reputation for bringing world-class expertise to resolve complex geoscience challenges through the use of AI.
IMDEX has an exclusive option to acquire the remaining interest in Datarock over the next four years in a two-tranche process, subject to Datarock achieving agreed strategic milestones.
The partnership will enable IMDEX and Datarock to work together to accelerate growth plans, including product development and market expansion.
IMDEX CEO Paul House said Datarock's existing and planned products complemented IMDEX's existing software including ioGAS, aiSIRIS, MinePortal, and its cloud-based platform IMDEXHUB-IQ, and strengthened the company's ability to deliver real-time rock knowledge answer products.
"The Datarock team and the products they have built are strongly aligned with our strategy, our existing product offering and our value proposition for clients," House said. "Data collected by geologists and engineers inform operational and financial decisions throughout a mine's life cycle. This data is commonly collected manually, which is slow, laborious and can be prone to human error. Datarock aims to eliminate this error and deliver high quality and auditable data that provides value for the entire life of the mine.
"We are looking forward to working with the Datarock team. Its members are experts in the field of geoscience, data science and AI, and like IMDEX, have a drive for developing technologies to solve the mining industry's biggest challenges."
Datarock CEO and director Liam Webb said there were clear synergies between Datarock's products and several of IMDEX's offerings. "By working together, we will add considerable value to both companies.
"When we started seeking investment our primary goal was to align ourselves with a company who saw the future the same way we did and could help us achieve our goals. I feel by entering into this agreement with IMDEX, who we believe are one of the world's leading mining technology companies, we have achieved this."
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