Press Release

LithologIQ Announces $1.54 Million Fundraising Round Led by Anges Québec to Support Technological Initiatives and Commercialization

Montreal, June 14th 2024 – LithologIQ, a Quebec-based company specializing in mineralogical analysis, is revolutionizing mining industry practices by offering digital tools for the rapid and precise acquisition of mineralogical data. This solution, essential for geologists, significantly impacts the costs, operations, and environmental issues associated with mining exploration and exploitation. In this spirit of continuous innovation, LithologIQ is proud to announce a successful initial fundraising round of $1.54 million led by Anges Québec.

This capital injection represents a significant milestone in LithologIQ’s journey, opening new opportunities for the company in its ongoing commitment to innovation and technological excellence. Investissement Québec is participating, as an agent of the Quebec government, with $750,000 through the Impulsion PME program. LithologIQ has also been supported by the Centech technology incubator as part of this program.

With these funds, LithologIQ has built the first in a series of advanced mobile laboratories for rapid drill core analysis based on hyperspectral imaging. This laboratory will be used to fulfill its commercial commitments to its first clients and as a driver for commercial development in North America, thus establishing LithologIQ as a significant provider in the field of rapid mineralogical analysis.

“We invested in LithologIQ because the hyperspectral imaging developed by Philip Lypaczewski seemed very well suited to the market, offering exceptional speed of analysis,” mentions Alexandre de Beaulieu, angel investor. “LithologIQ offers investors a great opportunity to follow a dynamic team, which has surrounded itself very well, in a booming digitization market.”

A substantial portion of this fundraising will be allocated to accelerating the development of a suite of software for the presentation, dissemination, and manipulation of mineralogical results, the new working tools proposed for geologists. By expanding LithologIQ’s internal team and bringing in external teams specialized in artificial intelligence and IoT technologies, the company aims to have a functional solution by the end of the year, opening the door to a broader and more international user base.

In parallel, LithologIQ will invest in marketing and sales activities to quickly secure a significant position in the North American market. These efforts aim to execute its commercialization strategy to expand the client network and develop strategic partnerships with key players in the mining industry.

“This fundraising marks an important milestone in our journey,” says Simon Lessard, CEO of LithologIQ. “We are grateful to Investissement Québec, Anges Québec, and our private partners for their continued support. These funds will allow us to accelerate our mission to bring innovative technological solutions to the mining industry and position ourselves for a significant growth phase.”

“The mining industry is a strategic sector for Quebec, and it is essential that our companies continue to innovate to stand out. LithologIQ’s promising projects will foster the development of the potential of our territory’s resources and the expertise of our companies,” emphasizes Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister responsible for Regional Economic Development, and Minister responsible for the Metropolis and the Montreal region.

“Ethical and sustainable mineral exploration is a strategic sector for the economic development of our regions and the whole of Quebec. With Impulsion PME, Investissement Québec is pleased to have an additional financing tool to contribute to the emergence of innovative technology companies like LithologIQ, to promote the optimization and sustainability of an ever-evolving industry,” concludes Bicha Ngo, President and CEO of Investissement Québec.