$9.28 M to be invested in technology startups by Rio Tinto and Founders Factory
Australian miner Rio Tinto is investing AUD 14.4 million ($9.28 million) in technology startups in partnership with global venture studio and start-up investor Founders Factory.
In a statement, Rio Tinto stated that the company’s goals are to support the advancement and commercialization of innovative mining technologies, thereby aiding in the company’s endeavors to discover more efficient means of supplying the world with necessary materials.
Over the next three years, the fund will reportedly be invested in pre-seed and seed stage start-ups worldwide.
The technologies in the areas of automation, decarbonization, processing, and safe mine operations will be highlighted.
Founders Factory will provide a four-month accelerator program to support product development and commercialization, along with a cash investment for each start-up.
It is mentioned that in order to support nature-tech start-ups that protect and restore biodiversity, the Western Australian Government has also teamed up with Founders Factory.
By supporting the first Australian hub of Founders Factory in Perth, Western Australia, the partnerships with Rio Tinto and the Western Australian Government will enhance the innovation credentials of the state.
It should be mentioned that Founders Factory has had success operating in Singapore, New York, Berlin, Johannesburg, Milan, London, Bratislava, and Johannesburg.
“Technology has always been at the forefront of our industry and Western Australia can be the Silicon Valley of the global mining industry,” Rio Tinto Iron Ore Chief Executive Simon Trott said.
He claims that the company’s Pilbara iron ore operations are some of the most technologically sophisticated 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,” he said.
He claimed that with the support of business and the Australian state government, start-ups from both Australia and overseas would be able to access real-world testing and scaling support as well as investment opportunities, contributing to the growth of Western Australia’s innovation economy.
Premier of Western Australia, Roger Cook, stated that obtaining the world-famous Founders Factory for Perth is a significant victory for the region.
This is the first time the tech accelerator has operated in Australia, he claims, giving creative local companies a boost to reach a global market and increase their chances of success.
