Minerva Intelligence (TSXV:MVAI) reports the sale of a Proof-of-Concept for its AI software driver in July 2022.
DRIVER software has been issued with an annual recurring basis, giving Minerva the chance to forge, develop and maintain customer relationships alongside a reliable revenue stream. The company offers three different license tiers for end-users of varying size, as well as an upgradable limited-term Proof-of-Concept license.
“A busy drilling season for mining and exploration companies coupled with a general summer slow down led to a decline in Proof-of-Concepts sold for the month of July. Changes have been made to the composition of our sales and marketing team which will reflect in an uptick of sales in the coming months. Simultaneously, we are working with large prospects to improve the functionality of DRIVER and expect to have an improved version ready for debut in September,” said Scott Tillman, Minerva CEO.
Minerva Intelligence is a Vancouver, British Columbia based artificial intelligence company with an operating subsidiary office in Darmstadt, Germany. The company’s software helps decision makers to better understand the earth they’re presumably going to be digging into. The company’s applications primarily focus on the search for critical metals and climate risk reduction, but there are other applications it’s indicated for in multiple different industries.
It’s likely that artificial intelligence is going to be one of the most significant trends in the tech sector in the coming years. Advances are coming hard and fast and providing substantial impact in various sectors as business try to find new ways to reduce operating costs, improve their decision making capacity, and improve upon their customer experience capabilities.
DRIVER is Minerva Intelligence’s AI product. It’s developed for the mineral and exploration crowd with its core purpose being to help them build better 3D models and drill data to help pinpoint better drill targets, understand geometallurgical domains. DRIVER combines cloud-based processing with the company’s machine learning tech to evaluate the spatial continuity present in geological numeric data.
A user puts in all the important information into the computer forming datasets and DRIVER puts together reliable 3D models from all aspects of the dataset in minutes. This helps automatically identify and catalogue potential zones of interest, which could be helpful for exploration, metallurgy, environmental protection and mining.
Since January the company has sold ten proof-of-concepts and four annual licenses. Minerva will cease to report the amount of demonstrations made during the month, and will continue to report on licenses sold on a monthly basis.