The mining industry, often associated with environmental degradation and labour exploitation, is undergoing a significant transformation. Driven by the global push for a sustainable and decarbonised future, mining startups are emerging as a driving force in this revolution.
In 2023 and 2024, the mining industry witnessed substantial growth, fueled by the increasing demand for critical minerals essential for renewable energy technologies and electric vehicles. According to a PwC report, the industry is still a vital part of the global economy, providing essential materials for a variety of products. As the world population continues to grow, the demand for these materials will also increase.
A key indicator of this industry’s transformation is the surge in venture capital (VC) funding for mining startups. A recent PitchBook report highlights this trend, mentioning that VCs are suddenly flocking to mining companies. In 2024 alone, VC investments in mining startups have reached an all-time high, surpassing previous records. This influx of capital is enabling these innovative companies to develop sustainable mining practices, reduce environmental impact, and improve operational efficiency.
In recent times, several notable mining startups have secured significant investments. Some notable investments include SiTration, which secured nearly $12 million to advance the discovery of critical metals and a Canadian VC Kinterra Capital closed a $565M fund to back mining startups.
At a time when the rise of sustainable mining startups is crucial for achieving a decarbonised world, Founders Factory has established a new Mining Tech Accelerator as part of its partnership with Rio Tinto to find breakthrough technologies in the mining industry to support the miner’s mission to find better ways to provide the materials the world needs.
Here, we at TFN have listed six tech startups those are the first to be backed by this new Mining Tech Accelerator.
Endolith (US)
Picture credits: Endolith
Founder/s: Liz Dennett
Founded year: 2021
Specialising in the microbial mining revolution, Endolith is a biotech startup revolutionising the mining industry through the use of microbes. The company leverages the power of specialised microorganisms to extract valuable minerals from low-grade ores, offering a more sustainable and efficient alternative to traditional mining methods.
This innovative approach aims to address the increasing demand for critical minerals while minimising environmental impact. By harnessing the natural capabilities of microbes, microbial communities, synthetic biology techniques, and a cloud-native platform, it is pioneering a new era of mining that prioritises sustainability and resource efficiency.
ProSpectral (UK)
Picture credits: ProSpectral
Founder/s: Tom Albrow-Owen, Gwenhivir Wyatt-Moon
Founded year: 2021
Cambridge-based ProSpectral develops ultra-compact spectral imaging cameras for materials detection and analysis. These cameras use spectral data to identify materials that traditional RGB cameras cannot, enabling applications in various industries like recycling, autonomous vehicles, agriculture, mining, and satellite monitoring.
In the mining industry, ProSpectral’s cameras can be used for mineral exploration, ore sorting, and quality control. By identifying valuable mineral deposits, separating different types of minerals, and ensuring that mined materials meet specific standards, mining companies can improve efficiency, reduce costs, and increase the value of their operations.
Earlier this year, ProSpectral raised $1.2 million in a pre-seed round for the development of its image sensor technology, enabling ultra-compact cameras for materials detection and analysis.
BluumBio (US)
Picture credits: BluumBio
Founder/s: Katherine French
Founded year: 2021
BluumBio is yet another US-based biotech startup, which cleans the soil, air, and water by harnessing the power of nature. Its innovative approach involves discovering and engineering enzymes capable of degrading harmful pollutants, such as petroleum and plastics. These enzymes are then introduced to contaminated sites, where they work tirelessly to break down pollutants into harmless substances.
This natural solution offers several advantages over traditional methods. It is more environmentally friendly, efficient, and cost-effective.
Sunchem (US)
Picture credits: Sunchem
Founder/s: Daniel Sun, Dana Hernandez
Founded year: 2020
Sunchem is a nanotechnology startup based out of Lawrence Berkeley National Laboratory. Its mission is to develop leaching formulations and nanofilters for precision separation of critical metals from complex water mixtures to replace inadequate separation technologies in high-value markets such as water purification, energy, and critical metal extraction.
Water contamination resulting from extractive operations and manufacturing systems is a worldwide problem, but Sunchem’s technology can provide industries with a cost-effective and energy-efficient approach to improving water quality while also capturing value from their waste streams. This technology has the potential to revolutionise how critical metals are sourced and purified while it protects downstream communities from toxic water pollution.
Vycarb (US)
Picture credits: Vycarb
Founder/s: Garrett Boudinot
Founded year: 2022
This US-headquartered startup specialises in the production of high-performance activated carbons, which are versatile materials with a wide range of applications. These activated carbons are characterised by their porous structure, which provides a vast surface area for adsorption and filtration.
Vycarb‘s activated carbons are used in various industries, including water purification, air filtration, and energy storage. In water purification, they effectively remove impurities such as contaminants and heavy metals. In air filtration, they capture pollutants and allergens, improving indoor air quality. In energy storage, they are used in supercapacitors and batteries, enhancing their performance and capacity.
Magmatic (Austria)
Picture credits: Magmatic
Founder/s: Oliver Siegel, Dhaarsi Jaksch, Tilmnn Buerckstuemme
Founded year: 2023
Magmatic, an Austrian startup, is pioneering the field of lithium discovery through a unique approach. Leveraging advanced geological modeling and AI-driven data analysis, Magmatic can identify and prioritise potential lithium-rich deposits with unprecedented accuracy. By combining traditional geological techniques with cutting-edge technology, Magmatic aims to accelerate the exploration and development of lithium resources, a critical element for the transition to clean energy.
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