Veracio
Veracio is a private mining-technology company that provides automated drill-core scanning, downhole instrumentation, and the Strata cloud platform to enterprise mining and exploration operators worldwide, headquartered in West Valley City, Utah.
- Company typePrivate
- Founded2009
- HeadquartersWest Valley City, United States
- Headcount251–500
- GTM typeB2B
- OfferingHardware or Manufacturing
What Veracio does
Veracio is a private mining-technology company headquartered in West Valley City, Utah, that provides digital geological data solutions to mining and exploration companies worldwide. Its portfolio is organized around three integrated pillars: (1) Geo Data + Insights, anchored by the Scan by Veracio (formerly Minalyzer) automated drill-core scanner that captures continuous XRF geochemistry, hyperspectral mineralogy, LiDAR topography, and high-resolution photography in a single non-destructive pass; (2) Downhole Data Tools, a TruProbe family of rig-mounted instruments (north-seeking gyro, driller-operated gamma, wireless depth counter, rig alignment) plus TruShot magnetic survey and TruCore core orientation; and (3) Software + Cloud, comprising the Strata cloud platform (field-to-cloud connectivity with chain of custody and tiered permissions), 3D drill-core visualization, Automated Structural Logging, and AI-driven Predictive Geology software for ore-deposit modeling.
The company monetizes through a mix of hardware sales (downhole instruments), capital equipment for scanning (likely leased or service-contract based), subscription access to the Strata cloud platform, and licensing/channel revenue from partnerships such as Bureau Veritas in Latin America. Customers are enterprise mining operators (e.g., Foran Mining, De Beers, Aeris Resources, NorthIsle Copper and Gold) and the personas targeted include geoscientists, technical services managers, and drilling superintendents. Veracio operates a global field-sales motion with seven offices across North America, Latin America, Asia Pacific, and EMEA, and traces its technical origins to Minalyze, founded in 2009 in Gothenburg and acquired by Veracio in September 2023. Annelie Lundström, co-founder of Minalyze, was appointed CEO in June 2024. Ownership is private, with operational ties referenced to the Boart Longyear/BLY group; no external funding rounds are disclosed in the source data.
Veracio firmographics
Firmographics- Name
- Veracio
- Legal name
- Veracio Ltd
- Website
- https://veracio.com
- Company type
- Private
- Founded year
- 2009
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Veracio is a private mining-technology company that provides automated drill-core scanning, downhole instrumentation, and the Strata cloud platform to enterprise mining and exploration operators worldwide, headquartered in West Valley City, Utah.
- Ownership category
- akta.pro rank
Veracio industry classification
Industry- Product category
- Mining Exploration Technology
- NAICS
- Support Activities for Mining (213), Geophysical Surveying and Mapping Services (541360)
- SIC
- Mining Machinery & Equip (No Oil & Gas Field Mach & Equip) (3532), Laboratory Analytical Instruments (3826)
- akta.pro primary industry
- Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling) (IMAKAKAA)
- akta.pro secondary industries
- Drill Tools, Bits & Downhole Equipment (IMAHAMAB), Mine Surveying & Geospatial Services (Survey, Drone/LiDAR, GIS, Grade Control) (IMAKAKAK), Exploration & Production Drilling Services (RC, Core, Directional, Sonic, Auger) (IMAKAKAB)
Keywords
Where Veracio is headquartered
LocationHeadquarters
- HQ city
- West Valley City
- HQ country
- United States
- HQ region
- North America
Offices7 records
Markets served
Veracio business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Supply Chain, Operations, Marketing or Sales, Infrastructure
Revenue model
- Hardware Sales - Downhole Instrumentation: Sale of TruProbe downhole instruments including gyro, gamma, depth, and alignment tools. One-time hardware purchase model with potential for service/support contracts.
- Core Scanning Technology: Scan by VERACIO technology for geological data capture. May involve equipment leasing, service contracts, or per-scan pricing models.
- Strata Cloud Platform: Cloud-based data management platform with tiered access controls and administrator features. Subscription-based access with multiple user tiers.
- Technology Partnership/Licensing: Partnership with Bureau Veritas for technology deployment in Latin America, expanding market access through channel partnerships.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Veracio product offering
Product offeringCore offering
Veracio provides mining and exploration companies with automated drill core scanning systems (Scan by Veracio), a suite of downhole data instruments (TruProbe Gyro, Gamma, Depth, Align; TruShot; TruCore), and a cloud-based geological data management platform (Strata). The company delivers continuous XRF geochemistry, hyperspectral mineralogy, LiDAR topography, and high-resolution core photography, along with AI-driven predictive geology and automated structural logging software for mineral exploration operations.
Product overview
Veracio offers an integrated portfolio of advanced technology solutions for mineral exploration and mining operations, organized into three main pillars: (1) Geo Data + Insights (Scan by Veracio) — automated drill core scanning delivering continuous geochemical (XRF), hyperspectral mineralogical, LiDAR topographic, and photographic datasets; (2) Downhole Data Tools (TruProbe Suite) — a family of rig-mounted instruments (Gyro, Gamma, Depth, Align) plus TruShot magnetic survey and TruCore core orientation for driller-captured real-time data; and (3) Software + Cloud (Strata platform) — cloud-based data management connecting field tools, plus add-on modules for automated structural logging, 3D visualization, and Predictive Geology AI modeling. The products form a unified workflow from drilling through cloud data access and advanced analysis.
Differentiator
Problem solved
Functional benefit
Brands
- Scan by Veracio: Continuous geochemical scanning solution for drill core analysis (formerly Minalyzer)
- TruProbe
- TruShot
- TruCore
- Strata
Products and services
- Scan by Veracio Automated drill core scanning system that captures continuous geochemical (XRF), hyperspectral mineralogical, LiDAR-derived topographic, and high-resolution photographic datasets in a single non-destructive pass, replacing manual logging with quantitative measurements for mining and exploration teams.
- TruProbe Gyro North-seeking gyroscopic instrument for downhole survey measurements that captures accurate hole path data at the drill rig, integrated with the Strata cloud platform. Designed for drilling operations teams and technical services managers.
- TruProbe Gamma Driller-operated gamma sensor for capturing downhole gamma radiation data in real-time at the rig. Provides continuous radiation profiling during drilling operations for mining exploration teams.
- TruProbe Depth Wireless depth counter for accurate drill hole depth measurement during drilling operations. Used by drillers and technical services managers to maintain hole depth accuracy.
- TruProbe Align Rig alignment tool for verifying drill string orientation and alignment during drilling operations. Used by drilling teams to ensure proper rig setup.
- TruShot Magnetic Survey Magnetic survey instrument for downhole magnetometry measurements. Captures magnetic data during drilling campaigns for exploration and geological assessment purposes.
- TruCore Core Orientation Core orientation system for determining the spatial orientation of drill core samples. Provides geologists with oriented core data for structural geological interpretation.
- Strata Cloud Platform Cloud-based data management platform that unifies drill hole records, connects Veracio field tools for direct data upload, and provides centralized access with customizable permissions and administrator controls. Maintains chain of custody from field to cloud.
Quantifiable outcome
- Earlier interpretation and stronger basis for decision-making while drilling is still underway
- +3 more outcomes
Companies that use Veracio
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles1 record
Veracio technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability4 records
Feature11 records
Veracio partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- Bureau VeritascoreStrategic partnership (MoU) to expand access to advanced geological scanning technologies throughout Latin America. Covers Chile, Peru, Argentina, and Brazil with potential for expansion to other Latin American markets. Bureau Veritas brings extensive operational presence, regional expertise, and client relationships in the mining and exploration sector. Combines Veracio's scanning technologies with Bureau Veritas's laboratory and technical services capabilities.
- Foran MiningcoreCase study partnership demonstrating how Veracio's Scan technology was instrumental in identifying the stratigraphic connection between Foran's McIlvenna Bay and Tesla deposits, leading to the discovery of the Bridge Zone. Partnership showcases technology value in real exploration applications.
- Paragon Advanced LabscoreTechnology integration partnership combining PhotonAssay with Veracio's rapid non-destructive scanning for fast, cost-effective whole rock geochemistry analysis. Samples prepared for PhotonAssay are presented to Veracio scanner in same containers for high-energy scanning detection of broad element range. Partnership addresses limited drilling windows in British Columbia by enabling earlier data access and faster decision-making.
- Australian Research Council Training Centre for Integrated Operations for Complex Resources (IOCR)minorResearch partnership contributing to development of breakthrough mining technologies including rapid orebody knowledge updating systems, AI-driven mine-to-mill optimization, cave draw-point fragmentation sensing, and protein-based gold biosensors. Veracio-supported research projects seeking industry partners for pilot implementations.
- BHPminorMajor mining company partner in IOCR research program, helping ensure research outcomes address real industry needs.
- OricaminorTechnology provider partner in IOCR research program for mining technology development.
Scale indicators4 records
Recent moves7 records
Expansion highlights6 records
Veracio competitors and assessment
Company assessmentDirect peers
- Corescan: Corescan is the closest direct competitor to Scan by VERACIO, providing automated hyperspectral mineralogy and digital core imaging services to mining companies globally. Both companies target the same mining customers with non-destructive core scanning workflows and compete for inclusion in exploration drilling programs.
- Reflex (Imdex): Reflex, part of Imdex, manufactures downhole instrumentation (gyros, gamma, alignment tools) directly competing with Veracio's TruProbe suite. Both companies serve the same drilling contractors and technical services managers in mining exploration with rig-captured data tools.
- Maptek: Maptek provides mining software including geological modeling, resource estimation, and 3D visualization — directly overlapping with Veracio's 3D Drill Core Visualization and Predictive Geology software modules. Both target geoscientists in mining for integrated data interpretation.
- Micromine: Micromine is a mining software company providing geological modeling, exploration, and resource estimation tools. It competes with Veracio's Strata platform and Predictive Geology modules for geoscientist mind-share in exploration decision support.
Broad incumbents
- Sandvik Mining and Rock Solutions: Sandvik is a major mining OEM with drilling rigs, automation, and digital mining platforms (incl. Newtrax-acquired analytics). It competes with Veracio indirectly by bundling instrumentation and analytics into its broader equipment sales to the same mining customers.
- Epiroc: Epiroc is a global mining and infrastructure OEM offering drilling equipment, automation, and digital solutions (Pit Viper, ROC drills, 6th Sense). It competes with Veracio through potential bundling of instrumentation and analytics into its integrated mining platform offering.
- Boart Longyear: Boart Longyear is Veracio's parent organization and one of the world's largest drilling services and products companies. While they share ownership, Boart Longyear's drilling services arm and TruShot-equivalent offerings represent both internal synergies and potential cross-sell competition with Veracio's tools.
- Bruker (XRF and analytical instruments): Bruker is a major analytical instrument manufacturer with XRF and laboratory spectroscopy products used in mining and exploration. It overlaps with Veracio's geochemistry capability through competing analytical measurement approaches for mining samples.
Emerging players
- Olympus (XRF handheld analyzers): Olympus manufactures portable XRF analyzers used at the drill rig for elemental analysis — an alternative workflow to Veracio's continuous core scanning. While currently handheld/discrete vs. Veracio's continuous scanning, both serve the mining geochemistry market.
- Datamine (mining software): Datamine provides geological modeling and mine planning software used by geoscientists and resource geologists — adjacent to Veracio's interpretive software stack. Both companies target the mining data management and interpretation market.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks5 records
Key highlights7 records
Customer concentration
Veracio social profiles
Digital presenceVeracio financial estimates
Financial estimateRevenue estimate
Valuation estimate
Veracio leadership team
Management profileNumber of profiles
Profiles3 records
Veracio subsidiaries and ownership
Company hierarchySubsidiaries1 record
Veracio funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Veracio M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Veracio
What does Veracio do?
Veracio provides mining and exploration companies with automated drill core scanning systems (Scan by Veracio), a suite of downhole data instruments (TruProbe Gyro, Gamma, Depth, Align; TruShot; TruCore), and a cloud-based geological data management platform (Strata). The company delivers continuous XRF geochemistry, hyperspectral mineralogy, LiDAR topography, and high-resolution core photography, along with AI-driven predictive geology and automated structural logging software for mineral exploration operations.
Is Veracio a public or private company?
Veracio is a private company. It is classified as corporate owned and is currently operating.
When was Veracio founded?
Veracio was founded in 2009. It employs 251 to 500 people.
Where is Veracio based?
Veracio is headquartered in West Valley City, United States, in the North America region.
How does Veracio make money?
Four revenue lines are on record. Hardware Sales - Downhole Instrumentation is the primary driver. The others are core Scanning Technology, strata Cloud Platform and technology Partnership/Licensing.
Who are Veracio's main competitors?
Direct peers on record are Corescan, Reflex (Imdex), Maptek and Micromine. Broad incumbents are Sandvik Mining and Rock Solutions, Epiroc, Boart Longyear and Bruker (XRF and analytical instruments). Emerging players are Olympus (XRF handheld analyzers) and Datamine (mining software).
Does Veracio have an API?
No public API is recorded for Veracio.
What industry is Veracio in?
Veracio's product category is Mining Exploration Technology. Its primary akta.pro industry code is IMAKAKAA, Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling), with a secondary code of IMAHAMAB, Drill Tools, Bits & Downhole Equipment. Its NAICS code is 213 and its SIC code is 3532.