The six startups were selected from over 500 applications received in just four months, underscoring the emergence of mining technology as one of the fastest growing sectors in venture. These firms reflect some of the strongest technical founders in the sector, drawn from world-leading institutions including Cambridge University, Stanford University, Harvard Business School, McGill University and the University of Calgary.
The new cohort: Exploration and processing
The latest cohort is focused on the enormous opportunities in exploration and processing, driven by the sector’s need to efficiently and sustainably meet high market demand for materials like copper, lithium, and critical minerals. Selected founders will be able to test, pilot, and commercialise their products through a unique global partnership model with Rio Tinto.
The six investments are:
- Foresight Spatial Labs – Building the world’s most advanced Spatial SDK for Engineering and Physical AI (Ottawa, Canada).
- Chemshift – Low-cost technology platform to refine crude lithium products into battery-grade material(Calgary, Canada).
- Supra – Supramolecular cartridges for high-purity critical minerals (Austin, US).
- Material Difference – Operationalising explainable AI and value-of-information as an unfair advantage in resource delineation and ore body knowledge (Cambridge, UK).
- Voluna – Autonomous airborne neutron technology that delivers real-time geochemical mapping for mineral exploration. (Boston, US)
- Watergenics – Real-time analysis of industrial aqueous streams (Berlin, Germany).
Emily Hilton, Rio Tinto General Manager Innovation said: “Startups 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.”