Rio Tinto is partnering with global venture studio and start-up investor Founders Factory to back the development and commercialisation of breakthrough technologies in the mining industry.
The miner said it will invest A$14.4 million in global pre-seed and seed stage start-ups over the next three years. The focus will be on technologies in the fields of safe mine operations, decarbonisation, exploration processing and automation.
Each start-up will receive a cash investment and participate in a four-month accelerator program run by Founders Factory to support product development and commercialisation.
The Western Australian government has also partnered with Founders Factory to invest in nature-tech start-ups that preserve and restore nature and biodiversity.
Rio Tinto Iron Ore Chief Executive Simon Trott said, “Technology has always been at the forefront of our industry and Western Australia can be the Silicon Valley of the global mining industry.
“Our iron ore operations in the Pilbara are among the most technologically advanced in the world. This exciting new partnership gives us the opportunity to build on our innovative legacy to unlock new technologies and help our business find better ways to provide the materials the world needs.
“With the backing of industry and the state government, local and international start-ups will receive investment opportunities and access to real-world testing and scaling support, helping Western Australia’s innovation economy to grow.”
The partnerships with Rio Tinto and the Western Australian government will support the first Australian hub of Founders Factory in Perth, boosting the state’s innovation credentials. Founders Factory has operations in London, Johannesburg, Milan, Berlin, Bratislava, New York and Singapore.
“We are excited to be partnering with Rio Tinto and launching operations in Western Australia. Startups can drive further productivity, safety and automation in the mining sector, whilst accelerating the industry’s transition to net zero,” said Founders Factory CEO Henry Lane.
“This program can help international and local founders test their technologies with the global leader in the sector and find pathways to commercial scale and impact.”
Source: Rio Tinto