Founders Factory and Rio Tinto Partner to Boost Mining Tech Startups

Rio Tinto, a prominent Australian mining company, has partnered strategically with Founders Factory, a renowned global venture studio and startup investor. This collaboration aims to support the development and commercialization of technologies in the mining sector, aligning with Rio Tinto’s mission to innovate and meet the world’s growing demand for essential materials.

Under this partnership, Rio Tinto plans to invest A$14.4 million ($9.5 million) over the next three years in pre-seed and seed-stage startups worldwide. The focus areas for these investments include enhancing safe mine operations, promoting decarbonization, advancing exploration processing techniques, and driving automation in the mining industry.

Founders Factory plans to establish a local team in Perth, Western Australia, to administer a comprehensive four-month program aiding startups in product development, operations, commercialization, data science, partnerships, and fundraising. 

Concurrently, the Western Australian Government will contribute $7.2 million over three years to Founders Factory’s nature and biodiversity tech accelerator program, focusing on reforestation, land management, regenerative agriculture, sustainable infrastructure, and more.

Rio Tinto’s portion of the joint investment will fuel a separate accelerator program dedicated to helping breakthrough technologies in decarbonization, exploration processing, and remediation. With the initiative,  Rio Tinto plans to drive innovation in the mining industry, advance safer mine operations and promote automation.

Rio Tinto Iron Ore Chief Executive Simon Trott mentioned the role of technology in the mining industry, envisioning Western Australia as the Silicon Valley of global mining. Trott highlighted the advanced technological landscape of Rio Tinto’s iron ore operations in the Pilbara region. He also saw the potential for further innovation and technological breakthroughs in the sector. 

Trott expressed optimism about the partnership with Founders Factory, viewing it as an opportunity to leverage innovative solutions and address the global market’s needs for materials.

Western Australian Premier Roger Cook viewed the arrival of Founders Factory in Perth as an achievement for the state. Cook emphasized supporting local tech startups in developing technologies crucial for achieving decarbonization goals. 

Regarding collaboration, Founders Factory President George Northcott emphasized the critical challenges of preserving nature and decarbonizing industries globally. He expressed gratitude for the partnership with the Government of Western Australia and Rio Tinto, discussing the collective effort to support local founders in addressing these challenges. 

He reiterated Founders Factory’s commitment to assisting entrepreneurs in commercializing innovative technologies and fostering their success within the Western Australian ecosystem.

Founded in 2015, Founders Factory operates programs across various global cities, including London, Milan, Berlin, Johannesburg, and New York. With backing from over 300 companies worldwide, Founders Factory CEO Henry Lane expressed excitement about the partnership with Rio Tinto and expanding operations into Western Australia. 

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