Private equity firm Midinvest, together with other shareholders, has sold the entire share capital of Lumo Analytics to the Canadian company GeologicAI. Following the transaction, the innovation developed by Lumo Analytics will be integrated into GeologicAI’s service portfolio.
Lumo Analytics’ solution is based on ultra-modern, compact LIBS (Laser-Induced Breakdown Spectroscopy) scanners. This technology enables the immediate identification of light elements and rare earth metals directly from drill cores, which is critical for accelerating the mineral production required for the green transition.
Rapid Growth and Internationalization
Midinvest became an investor in Lumo Analytics during the company’s early stages. During the investment period, the company’s development has been strong: from 2021 to the end of 2024, the company’s revenue grew from under 100,000 euros to nearly 1.5 million euros. The company already serves an international clientele across four continents.
“The journey of Lumo Analytics has been a testament to the high level of Finnish deep-tech expertise. As a growth-phase partner, we are delighted that the company has found the best possible home in GeologicAI. Lumo complements GeologicAI’s service offering, and their international network will be able to further scale this technology globally for use by all major customers,” says Jukka-Pekka Nikula from Midinvest.
Antti Kotanen, co-founder and CEO of Lumo Analytics, emphasizes that the acquisition is a natural step in the company’s growth: “For us, this is a significant milestone. Together with GeologicAI, we can provide our customers with even more comprehensive data and better support for decision-making. The Lumo Analytics team will continue its work on LIBS innovations as part of the GeologicAI family, and services for our existing customers will continue without interruption. We thank Midinvest for the collaboration and their significant contribution to the company’s growth story.”
Further Information:
Jukka-Pekka Nikula CEO, Midinvest Management Oy +358 50 5399 378
About Midinvest Management Oy: Midinvest Management Oy is a partner-owned private equity fund management company specializing in ownership arrangements and growth financing for small and medium-sized enterprises. The company acts as an active owner, working closely with its portfolio companies to support their development and growth. Throughout their history, Midinvest funds have invested over 60 million euros in more than 100 companies. Currently, the funds have active investments in 15 portfolio companies. www.midinvest.fi
About Lumo Analytics: Lumo Analytics, originally an Aalto University spin-off, is a pioneer in advanced LIBS sensor technology. The company’s compact and efficient scanner enables accurate and rapid on-site mineral mapping and elemental analysis, supporting mineral exploration and resource assessment via cloud services. www.lumoanalytics.com
GeologicAI in Brief: GeologicAI is the global leader in High-Resolution Decision Engineering for the critical minerals industry. Through proprietary AI, automation, and advanced geological modelling, GeologicAI helps mining companies—from global majors to select juniors—make faster, better, and lower-risk decisions across the resource lifecycle.www.geologicai.com