The venture is set to launch a WA-based mining tech accelerator
Gadens has guided Founders Factory as it establishes a joint venture with Rio Tinto.
The JV’s objective is to launch a WA-based mining technology accelerator. According to lead partner Vaughan Petherbridge, this is Founders Factory’s first accelerator program in the country.
“This program will significantly impact innovation in the climate and mining sectors, fostering breakthrough technologies in areas such as decarbonisation and exploration processing”, Petherbridge said.
As part of the venture, Rio Tinto is set to make an investment of $14.4m in global pre-seed and seed stage start-ups in the next three years. The tech accelerator will concentrate on technologies related to safe mine operations, decarbonisation, exploration processing, and automation. Cash investments will be made in participating start-ups; moreover, these organisations will join a four-month accelerator program conducted by Founders Factory to support product development and commercialisation.
The Gadens team assisted on all Australian aspects of the transaction, such as negotiating all investment documents and providing taxation advice. Petherbridge received support from Peter Poulos (partner), Deivina Peethamparam (partner), Gary Lim (special counsel), Elizabeth Gregory (associate), Nakita Rose (associate) and Leo Rodrigo (associate).
Launched in 2015, global tech investor Founders Factory collaborates with entrepreneurs and major companies to build and fund start-ups. The company has conducted programs in London, Milan, Berlin, Johannesburg, and New York, and has supported over 300 start-ups worldwide.
