Rio Tinto, Founders Factory back five mining startups

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Rio Tinto (ASX, LON: RIO) and Founders Factory will invest in five mining startups through their mining tech accelerator program, supporting early-stage companies to improve mineral discovery, mine safety and metals processing 

Selected from more than 500 applications, the ventures form the fifth cohort of the four-month program operated by Rio Tinto and the Founders Factory. The goal is to support the startups to build commercial pathways with government partners in Australia, the US and Canada, as well as facilitate access to banks and capital markets providers.  

“The mining sector is attracting a new generation of founders, and their technology is helping to build a more efficient, cleaner and safer industry,” Founders Factory president George Northcott, said.  

The program gives the startups direct access to Rio Tinto’s executive leadership, advanced mining operations in Western Australia and pathways to secure pilots and proof-of-concept deployments. The program allows them to achieve early technological and market validation for their innovations.

Two-thirds of startups that have participated in the mining tech accelerator have trialled their technologies with Rio Tinto, are conducting trials or have contracts with the miner, according to the program’s organizers. 

Top five  

This new cohort reflects how innovation is reshaping how the mining industry discovers, produces and processes minerals beyond the mine site. Through leveraging new technologies including Artificial Intelligence (AI), quantum computing and deep science, the selected startups will unlock new sources of value across the mining value chain and solve its more urgent issues. 

Cascade Geomatics, Fieldstone and Determinant Materials are all US based startups. Cascade Geomatics focuses on geohazard monitoring for resources and infrastructure, while Fieldstone harnesses biology for rapid metal measurements. Determinant Materials focuses on securing rapid microparticle refining of critical metals at their point of origin.  

“These founders are tackling some of the key challenges facing our industry, and we’re excited to help them test and scale ideas that could transform how we find, produce and process the materials that underpin our future,” Emily Hilton, general manager innovation, Rio Tinto, said. 

Australia’s blueprint, powered by Imvelo, provides a platform that helps companies to make economic decisions regarding the planning and operational lifecycle of their projects.  

NanduX, based in the US and Chile, focuses on copper exploration with deep sensing to help discover more of the critical mineral.  

The accelerator’s portfolio now includes 29 companies. Previous participants include Fast Metals, which recovers base and rare metals from bauxite residue, and Terra AI, mining’s first AI-native subsurface modelling platform.