Founders Factory and Rio Tinto announced backing for six new mining technology startups on March 31, 2026, targeting breakthrough innovations in exploration and processing of critical minerals including iron ore, copper, and lithium. Two Canada-based mining tech startups are among those selected.
The accelerator selected these companies from over 500 applications received within four months, highlighting mining technology's emergence as one of venture capital's fastest-growing sectors. The chosen startups feature founders from prestigious institutions including Cambridge University, Stanford University, Harvard Business School, McGill University, and the University of Calgary.
The latest cohort addresses enormous opportunities in exploration and processing as the sector works to efficiently and sustainably meet high market demand for critical materials. Selected founders will test, pilot, and commercialize their products through a unique global partnership with Rio Tinto.
Foresight Spatial Labs from Ottawa builds the world's most advanced Spatial SDK for Engineering and Physical AI. Chemshift, based in Calgary develops low-cost technology platforms to refine crude lithium products into battery-grade material. Austin-based Supra creates supramolecular cartridges for high-purity critical minerals.
Material Difference from Cambridge, UK operationalizes explainable AI and value-of-information as competitive advantages in resource delineation and ore body knowledge. Boston's Voluna develops autonomous airborne neutron technology that delivers real-time geochemical mapping for mineral exploration. Berlin-based Watergenics provides real-time analysis of industrial aqueous streams.
"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," Emily Hilton, Rio Tinto general manager for innovation, said.
"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 commercialization pathways with government partners across Australia and Canada, and supporting access to capital markets and venture investors," George Northcott, president of Founders Factory, added.
The Mining Tech Accelerator demonstrates strong commercial momentum across its broader portfolio. The program's first 18 investments secured over $120 million in follow-on funding from leading investors. Notable funding rounds include Endolith's $16 million Series A led by national security-focused VC Squadra Ventures, Hades Mining's €15 million Seed round co-led by HV Capital and Headline, Spoor AI's $8 million Series A led by European energy tech VC SET Ventures, and VyCarb's $5 million Seed round led by climate tech VC Twynam, Indemitsu and SG Innovate.
One startup from an earlier cohort entered deployment in Western Australia, applying emerging seed germination technology to real operational challenges. This demonstrates the program's ability to translate innovative solutions into practical mining applications that address industry needs.
Rio Tinto and Founders Factory operate a four-month cohort-based mining tech accelerator program focused on driving pilot and commercial outcomes for emerging technologies.
The program provides founders with direct access to Rio Tinto's executive leadership, senior managers and technical experts, along with advanced mining operations in Western Australia. Founders receive structured pathways to secure pilots and proof-of-concept deployments, with all participants invited to Perth to develop relationships with Rio Tinto and the Western Australian ecosystem.
Beyond Rio Tinto partnerships, the accelerator supports startups in building commercialization pathways with government partners across Australia and Canada while facilitating access to banks and capital markets providers.
Founders Factory, created by IPO-exited founders, builds and funds startups with exceptional entrepreneurs and leading global companies. Operating from London, New York, Berlin, Milan, Perth and Singapore, the organization invests in promising pre-Series A founders across health, deeptech, industrial transformation and fintech sectors. Since 2015, Founders Factory has built and funded more than 450 technology companies, enabling over 500 enterprise pilots for its portfolio.
Rio Tinto operates as a leading global mining and materials company across 34 countries, producing iron ore, copper, aluminum and lithium.
To learn more about the Mining Tech Accelerator, visit www.FoundersFactory.com/rio-tinto-mining-tech-accelerator
More information is posted at www.TioTinto.com
Information on Foresight Spatial Labs: www.fslabs.ca
Information on Chemshift: www.ChemShift.com/home
Information on Supra: www.GetSupra.com
Information on Material Difference: www.MaterialDifference.earth
Information on Voluna: www.Voluna.com
Information on Watergenics: www.WaterGenics.tech
March 31, 2026
March 31, 2026
March 31, 2026
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