PERTH, Australia, 10 April 2024—(BUSINESS WIRE)–Rio Tinto is teaming up with a leading global venture studio and startup investor to support the development and commercialization of breakthrough technologies in the mining industry, supporting the company’s efforts to find better ways to secure the world’s materials needs.
Rio Tinto will partner with Founders Factory and invest A$14.4 million in pre- and early-stage global startups over the next three years. The focus will be on technologies in safe mining operations, decarbonization, survey processing and automation.
Each startup will receive a cash investment and participate in a four-month accelerator program run by Founders Factory to support product development and commercialization.
The Western Australian Government has also partnered with Founders Factory to invest in natural technology start-ups that conserve and restore nature and biodiversity.
Partnerships with Rio Tinto and the Western Australian Government will support the first Australian Founders Factory center in Perth, Western Australia, enhancing the state’s innovation credentials. Founders Factory successfully operates in London, Johannesburg, Milan, Berlin, Bratislava, New York and Singapore.
Rio Tinto Iron Ore CEO Simon Trott said: “Technology has always been at the forefront of our industry and Western Australia could 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 legacy of innovation to unlock new technologies and help our business find better ways to provide the materials the world needs.
“With the support of industry and the State Government, local and international start-ups will receive investment opportunities and access to real-world testing and scale-up support that will help Western Australia’s innovation economy grow.”
Western Australian Premier Roger Cook said: “Securing the internationally renowned Founders Factory for Perth is a major blow for our state.
“This is the first time the technology accelerator has operated in Australia, providing a springboard for innovative local businesses to reach an international audience and maximize their chances of success.
“My government is committed to decarbonising our economy by 2050 and it is vital that we support local start-ups developing the technology to achieve this goal.
“This 3-year partnership will further strengthen WA’s position as a global leader in research and development, helping to diversify the economy and create the jobs of the future.”
Founders Factory CEO Henry Lane said: “We are excited to partner with Rio Tinto and launch operations in Western Australia. Startups can drive additional productivity, safety and automation in the mining sector while accelerating the industry’s transition to Net Zero.
“This program can help international and local founders test their technology with the global industry leader and find pathways to commercial scale and impact.”
Note to the editor
This program is in addition to Rio Tinto’s existing corporate venture capital activities, which began in 2021. More information can be found here.
B-roll of the automation used at Rio Tinto Iron Ore’s Pilbara sites is available here.
Check out the source version on businesswire.com: https://www.businesswire.com/news/home/20240409445413/en/
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