The mining sector is experiencing a pivotal moment, as the surge in demand for critical raw materials places unprecedented pressure on traditional methods of exploration, processing, and mineral recovery. To remain competitive and sustainable, the industry requires innovative technologies that can address evolving environmental, operational, and efficiency challenges. Against this backdrop, Founders Factory and Rio Tinto have announced six new investments through their mining tech accelerator. These investments aim to foster cutting-edge solutions that meet the sector’s pressing needs.
The six startups were chosen from more than 500 applicants in just four months, highlighting the rapid emergence of mining technology as one of the fastest-growing sectors in venture capital. Each company is led by technical founders from world-renowned institutions including Cambridge University, Stanford University, Harvard Business School, McGill University, and the University of Calgary, underscoring the global reach and talent behind these innovations.
The new cohort: exploration and processing
This latest cohort focuses on advancing exploration and processing technologies, which are crucial for efficiently and sustainably meeting the high market demand for materials like copper, lithium, and other critical minerals. Through a unique partnership model with Rio Tinto, selected founders will have the opportunity to test, pilot, and commercialise their products globally.
The six investments are:
- Foresight Spatial Labs (Ottawa, Canada) – Building the world’s most advanced spatial SDK for engineering and physical AI. This technology enables mining companies to leverage spatial data and artificial intelligence for more precise exploration and site management, addressing the challenge of optimising resource extraction while minimising environmental impact.
- Chemshift (Calgary, Canada) – Low-cost technology platform to refine crude lithium products into battery-grade material. Chemshift’s innovation provides a scalable and affordable solution for lithium refinement, helping meet the surging global demand for battery materials and supporting the transition to renewable energy sources.
- Supra (Austin, USA) – Supramolecular cartridges for high-purity critical minerals. Supra’s cartridges streamline the purification process for minerals vital to high-tech industries, reducing waste and increasing yield, which is essential as supply chains face increasing strain.
- Material Difference (Cambridge, UK) – Operationalising explainable AI and value-of-information as an unfair advantage in resource delineation and orebody knowledge. By making AI-driven insights transparent and actionable, Material Difference improves decision-making in resource estimation, helping miners increase efficiency and reduce risk.
- Voluna (Boston, USA) – Autonomous airborne neutron technology delivering real-time geochemical mapping for mineral exploration. Voluna’s airborne system accelerates exploration, providing rapid, accurate geochemical data and reducing the cost and time associated with traditional survey methods.
- Watergenics (Berlin, Germany) – Real-time analysis of industrial aqueous streams. Watergenics offers immediate water quality monitoring, allowing mining operations to optimise water usage, minimise environmental risks, and comply with regulatory standards, a growing concern as sustainability pressures mount.
Emily Hilton, Rio Tinto General Manager Innovation, commented: “Start-ups have an important role to play in solving some of mining’s toughest challenges. Through our partnership with Founders Factory, we are connecting exceptional founders with Rio Tinto’s operational and technical expertise to help turn promising ideas into technologies that could improve exploration, processing and critical mineral recovery.”
“This cohort reflects the quality of innovation emerging globally, and we’re excited about the potential to accelerate these solutions towards real-world deployment.”
George Northcott, President, Founders Factory, added: “In the last 12 months we’ve seen our portfolio scope impactful solutions to reduce the environmental footprint of the mining industry. We’re excited about how these technologies can benefit the ecosystem of Western Australia in particular.
“As we evolve the programme, we shift our focus to the vast opportunities in exploration and processing – enabling testing with Rio Tinto’s teams whilst building commercialisation pathways with government partners across Australia and Canada, and supporting access to capital markets and venture investors.”
Together, these investments are set to transform the mining industry by equipping it with innovative tools that address core operational, environmental, and efficiency challenges. By harnessing global talent and technology, the sector is poised to advance sustainable resource development, strengthen supply chains, and drive future growth.