What Smart Exploration does

Smart Exploration is an EU-funded research consortium under the Horizon 2020 programme (grant agreement No. 775971), coordinated by Uppsala University and operational from December 2017 to November 2020 on a budget of approximately €5.2 million. It brought together 27 partner organizations from 9 EU countries — comprising 11 SMEs, 11 academic and research institutions, 4 mining companies, and 1 municipality — with the mission of developing cost-effective, environmentally-friendly geophysical exploration tools and methodologies for mineral exploration in noisy near-mine and brownfield environments at depths of 300–1,500 meters.

The project developed five hardware prototypes — a UAV-based electromagnetic system (AMKVO and Geological Survey of Sweden), a deep-penetrating helicopter-based transient electromagnetic system called HTEM (SkyTEM and Aarhus University), a slimhole digital seismic-magnetic-temperature borehole system (BitSim AB and Uppsala University), a broadband electric seismic vibrator called E-Vib (Seismic Mechatronics and TU Delft), and a GPS-time transmitter for underground-surface synchronization (MIC Nordic and Uppsala University). It also produced six software methodologies including seismic surface wave analysis, passive seismic interferometry, legacy data reprocessing, and focusing prestack depth imaging. Technologies were validated across six test sites in Sweden, Finland, Portugal, Greece (two sites), and Kosovo, with mining partners such as Nordic Iron Ore, Somincor/Lundin Mining, Delphi-Distomon, and YARA providing operational test beds and use-case validation, including documented results such as the identification of a +150 Mt massive sulphide deposit at Neves-Corvo and a possible ~300m down-dip continuation of iron-oxide deposits at Blötberget.

As a non-commercial research consortium, Smart Exploration generated no product revenue. Its business model relied entirely on the EU Horizon 2020 grant, with outputs disseminated via open-access peer-reviewed publications in Geophysical Prospecting and First Break, jointly organized webinars with EAGE, conference participation at PDAC and EAGE events, social media channels (Twitter, LinkedIn, YouTube), and a Canada-based exploitation tour in February 2020 targeting commercial stakeholders. The project concluded officially on 30 November 2020 with a final evaluation meeting in February 2021, and received the SEG Distinguished Achievement Award in 2020.

Name

Smart Exploration

Legal name

Smart Exploration

Website

https://smartexploration.eu

Company type

Private

Founded year

2017

Operating status

Closed

Headcount range

11–50 employees

Short description

Smart Exploration is an EU Horizon 2020-funded research consortium that developed five geophysical hardware prototypes and six exploration methodologies for cost-effective, environmentally-friendly mineral exploration at 300–1,500m depths, involving 27 partners across 9 EU countries.

Ownership category

akta.pro rank

Product category

Geophysical Mineral Exploration Technology

NAICS

Geophysical Surveying and Mapping Services (54136), Geophysical Surveying and Mapping Services (541360), Support Activities for Mining (2131)

SIC

Metal Mining (1000), Mining Machinery & Equip (No Oil & Gas Field Mach & Equip) (3532), Services-Commercial Physical & Biological Research (8731), Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling) (IMAKAKAA)

akta.pro secondary industries

Exploration & Production Drilling Services (RC, Core, Directional, Sonic, Auger) (IMAKAKAB), Geotechnical Site Investigation & Engineering Geology (Borings, Lab Testing) (EUAHAFAE)

Keywords

• Geophysical exploration
• Mineral exploration technology
• Seismic imaging methods
• Electromagnetic survey systems
• Subsurface imaging tools

Headquarters

HQ city

Houten

HQ country

Netherlands

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. EU Research Grant (Horizon 2020): Funded under Horizon 2020 research and innovation programme, grant agreement No. 775971. Budget of approximately €5.2 million over 36 months. This is the primary funding source for the project.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels10 records

Core offering

Smart Exploration developed five hardware prototypes and six software methodologies for cost-effective, environmentally-friendly geophysical mineral exploration targeting depths of 300–1500m in noisy near-mine and brownfield environments. The project combined seismic, electromagnetic, and potential-field methods integrated with common Earth 3D geo-models, validated across six European test sites in Sweden, Finland, Portugal, Greece, and Kosovo.

Product overview

Smart Exploration is an EU-funded Horizon 2020 research project that developed five geophysical exploration prototypes and six software methodologies for cost-effective, environmentally-friendly mineral exploration. The product portfolio includes: (1) Slimhole System - a digital seismic-magnetic-temperature borehole system; (2) HTEM - helicopter-based time-domain electromagnetic system; (3) E-Vib - broadband electric seismic vibrator; (4) GPS-Time Transmitter - for mine-surface synchronization; and (5) UAV with ground-based EM systems. These technologies target exploration in noisy, near-mine environments at depths of 300-1500m, complementing common Earth 3D geo-models. The project involved 27 partners from 9 EU countries including 11 SMEs, 11 academic/research institutions, and 4 mining companies.

Differentiator

Problem solved

Functional benefit

Brands

• UAV: Unmanned Aerial Vehicle system for magnetic and controlled-source electromagnetic data acquisition
• HTEM
• Slimhole
• E-Vib
• GPS-Time System

Products and services

• UAV-based EM and Magnetic Data Acquisition System A modular multi-functional unmanned aerial vehicle (UAV) and ground-based geophysical systems capable of acquiring magnetic, radio, and controlled-source electromagnetic (EM) data with reduced sensitivity to system noise. Developed by AMKVO and the Geological Survey of Sweden for cost-effective aerial geophysical surveys in mineral exploration.
• HTEM (Helicopter-based Time-Domain Electromagnetic System) A deep-penetrating helicopter-based transient electromagnetic system that provides higher resolution imaging and geological models faster and more cost-effectively, functioning like a 3D scanner using principles similar to MRI technology with a lowered operational base frequency of 6.25 Hz. Developed by SkyTEM and Aarhus University.
• Slimhole System A modular digital seismic-magnetic-temperature system designed for slim boreholes, insensitive to electromagnetic noise, allowing deeper penetration around boreholes for mineral exploration. Developed by BitSim AB and Uppsala University.
• E-Vib (Broadband Electric Vibrator) A broadband fully electric seismic exploration source that vibrates the ground to map subsurface structures using echoes to create visuals, similar to ultrasound technologies. Can be used underground. Developed by Seismic Mechatronics and TU Delft.
• GPS-Time Transmitter System A mobile GPS-time transmitter for time synchronization of in-mine and surface explorations, enabling 3D deposit characterization at unprecedented resolution and accuracy in GPS-denied environments such as underground mines. Developed by MIC Nordic and Uppsala University.

Quantifiable outcome

• Budget of €5.2 million funding 36-month project with 27 partners across 9 EU countries
• +4 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Partnerships

26 partnerships are on record, tiered core and minor.

• Uppsala UniversitycoreStrategic or Co-development Partner · 1 December 2017Lead coordinating organization of the Smart Exploration project. Project coordinator Alireza Malehmir leads the initiative. Uppsala University developed the GPS-Time Transmitter System (with MIC Nordic) and the Slimhole System (with BitSim AB), and conducts field surveys and seismic data acquisition.
• SkyTEMcoreStrategic or Co-development PartnerDeveloped the deep-penetrating HTEM (Helicopter-based Transient Electromagnetic) system within the project. Conducted test flights over the Blötberget mining site in Ludvika, Sweden in July 2019.
• BitSim ABcoreStrategic or Co-development PartnerCollaborated with Uppsala University to develop the Slimhole system prototype. Participated in field testing of the system at mining sites.
• Seismic MechatronicscoreStrategic or Co-development PartnerDeveloped the E-Vib (Broadband Electric Seismic Source) within the project together with TU Delft. Conducted validation tests in Blötberget, Sweden.
• TU DelftcoreStrategic or Co-development PartnerCollaborated with Seismic Mechatronics on E-Vib development. Also involved in passive seismic interferometry research with Prof. Deyan Draganov.
• MIC NordiccoreStrategic or Co-development PartnerCo-developed the GPS Time Transmitter system with Uppsala University. Tord Sjolund (MIC Nordic) and Alireza Malehmir introduced the system at PDAC 2020.
• Aarhus UniversitycoreStrategic or Co-development PartnerPartnered with SkyTEM in developing the deep-penetrating HTEM system for the project.
• Geological Survey of Sweden (SGU)coreStrategic or Co-development PartnerContributed to UAV system development together with AMKVO. Participated in field validation tests in Blötberget, Sweden.
• AMKVOcoreStrategic or Co-development PartnerCo-developed the modular UAV system with the Geological Survey of Sweden for acquiring magnetic and EM data.
• Somincor (Lundin Mining)coreStrategic or Co-development PartnerNeves-Corvo mine site in Portugal was a key test site. Semi-3D tunnel-surface seismic surveys were conducted using exploration tunnels, and legacy data reprocessing enabled imaging of the Lombador massive sulphide deposit.
• Politecnico di TorinocoreStrategic or Co-development PartnerResearch partner contributing surface wave analysis methods. Presented at Near Surface Geoscience Conference 2019.
• Nordic Iron Ore AB (NIO)coreStrategic or Co-development PartnerSwedish mining company owning the Blötberget deposits in Ludvika mining area. Reflection seismic surveys outlined strong seismic reflections representing possible continuation of known deposits.
• EAGEcoreGTM or Marketing PartnerJointly organised a series of webinars with Smart Exploration covering project topics. EAGE's LearningGeoscience.org platform hosts project webinar recordings. EAGE also provides EarthDoc database for conference publications.
• TU Bergakademie Freiberg (TUBAF)coreStrategic or Co-development PartnerConducted focusing prestack depth imaging studies on Blötberget data. Lena Bräunig and Stefan Buske presented seismic depth imaging webinars for the project.
• Delphi-Distomon (HellasGold)coreStrategic or Co-development PartnerOne of the largest bauxite producers in Europe, operating the Gerolekas Bauxite Exploration Site in Central Greece. Passive seismic survey was conducted at the site with 129 stations detecting ~1000 microearthquakes.
• Wits UniversityminorStrategic or Co-development PartnerCollaborating partner providing joint research and exchange activities. Musa Manzi from Wits University presented at EAGE Annual Conference 2019. Legacy seismic data from South African mines were reprocessed using novel seismic attributes.
• Institute of Geophysics Polish Academy of Sciences (IGPAS)coreStrategic or Co-development PartnerPresented on full-waveform inversion for velocity model building and imaging of mineral exploration targets in project webinars.
• NTUA (National Technical University of Athens)coreStrategic or Co-development PartnerPartner contributing passive seismic research. Katerina Polychronopoulou presented passive seismic interferometry work from the Gerolekas survey in Greece.
• GeovistacoreStrategic or Co-development PartnerListed as a project partner in the Smart Exploration consortium.
• Ludvika KommuncoreStrategic or Co-development PartnerMunicipality partner in Sweden. Participated in field validation tests in the Ludvika area and supports community engagement activities.
• University of HelsinkicoreStrategic or Co-development PartnerAcademic partner contributing to mineral exploration research. University of Helsinki MSc thesis work at Siilinjärvi mine in Finland.
• University of TurkucoreStrategic or Co-development PartnerAcademic partner with PhD student Tuomas Kauti creating detailed 3D geological models for the Siilinjärvi mine area used as reference for geophysical interpretation.
• LNEG (Laboratório Nacional de Energia e Geologia)coreStrategic or Co-development PartnerPortuguese national laboratory involved in the Neves-Corvo mining site research and geophysical surveys.
• SeismoTechminorStrategic or Co-development PartnerGreek geophysical company collaborating on passive seismic survey at the Gerolekas site in Greece.
• GeopartnerminorStrategic or Co-development PartnerListed as a project partner in the Smart Exploration consortium.
• ProxisminorStrategic or Co-development PartnerListed as a project partner in the Smart Exploration consortium.

Scale indicators8 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• HiSeis: Australia-based specialist provider of seismic acquisition and processing services for hard-rock mineral exploration. Direct peer to Smart Exploration's reflection-seismic methodologies and seismic depth-imaging work, serving the same mining customer base (Lundin, Northern Star, BHP, Rio Tinto).

Emerging players

• KoBold Metals: US-based AI-driven mineral exploration startup backed by Bill Gates, Jeff Bezos, and Silicon Valley investors. Pursues technology-led discovery for battery metals (copper, lithium, cobalt, nickel) — adjacent to Smart Exploration's mission of enabling EU domestic critical raw materials discovery through novel technology.
• Mira Geoscience: Canadian geoscience software and consulting firm specializing in 3D/4D geological and geophysical modelling for mineral exploration. Comparable to Smart Exploration's GOCAD/SKUA-style 3D Earth model integration and 3D deposit characterization work, focused on the same mid-tier and major mining clients.
• International Geoscience Services (IGS): UK-based commercial geoscience and laboratory services provider offering mineral exploration consulting, sample analysis, and geophysical interpretation. Comparable service-provider profile to Smart Exploration's exploration consulting outputs and operates in adjacent European markets.

Broad incumbents

• SkyTEM: Danish commercial provider of helicopter-borne transient electromagnetic (TEM) surveys for groundwater, geotechnical, and mineral exploration. Comparable to Smart Exploration's HTEM prototype; SkyTEM was also a consortium partner developing the deep-penetrating system, making it both a peer and a participant.
• SLB (Schlumberger): World's largest oilfield services company with established mining and critical minerals services (e.g., Schlumberger New Energy). Competes across the full geophysics-to-drill workflow Smart Exploration addresses, with substantially greater capital and global reach.
• Seequent (Bentley): New Zealand-headquartered geoscience interpretation software provider (Leapfrog, GeoStudio), acquired by Bentley Systems in 2023. Comparable to Smart Exploration's interpretation and 3D modelling outputs, serving the same mining and exploration customer base globally.
• CGG (Viridien): Global geoscience major offering multi-method geophysical acquisition, processing, and multi-client data libraries. Has expanded from oil & gas into mining and mineral exploration, providing the kind of integrated exploration services Smart Exploration's methodologies aim to deliver in the near-mine segment.

Others

• EIT RawMaterials: EU Knowledge and Innovation Community (KIC) funded under Horizon 2020/EIT, focused on raw materials innovation, including exploration. Closest institutional peer to Smart Exploration — shares EU policy alignment, multi-partner consortium structure, and funding model, with potential overlap on exploration work packages.
• Anglo American Exploration: Major mining company with significant in-house geophysical exploration capabilities and a global R&D program. Represents the type of large mining customer whose exploration spend and technology partnerships Smart Exploration's SME-developed prototypes and methodologies aim to capture.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/SmartExplore
• YouTubeyoutube.com/channel/UCj0DAiMIrXGJJO_w63GXKjA
• LinkedInlinkedin.com/company/smart-exploration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Smart Exploration