San Francisco Bay Area dominates mining tech startup funding worldwide
An analysis of 170 ventures across 22 countries reveals a striking divide between where mining innovation happens and where investors deploy capital.
The San Francisco Bay Area leads global investment in mining technology. (Stock image by JFL Photography.)
The San Francisco Bay Area dominates global mining technology investment, attracting $2.1 billion, or 35% of funding tracked in a study of 170 startups across 22 countries.
In this infographic, Alex Aguilar, global consultant in mining innovation, shows that 84 of the companies were founded since 2020. The Bay Area hosts 13 startups, compared with 10 in Santiago and nine in Perth, which together attracted just $92 million.
Five companies account for $2.8 billion in funding, led by KoBold Metals ($1.2 billion), Boston Metal ($485 million) and Mariana Minerals ($394 million).
Investment trends
Processing and refining attracted 38% of funding, or $2.2 billion, while mine-operations software accounted for the most startups (54) but received just 5%.
Mining giants lead investment activity. Rio Tinto has backed 23 startups, followed by BHP Ventures with 17.
Regional divide
Australia recorded 33 mining technology exits on $274 million in venture funding, compared with Canada’s 25 exits on $910 million and the US’s 13 on $3.5 billion.
Latin America hosts 29 startups but attracted just $59 million, roughly 1% of total funding, despite Chile and Peru producing 35% of the world’s copper.
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