DryFlow Magnetics lands US$8.09M seed extension to take waterless mining tech to the US
What's the deal? South Australian mining technology company DryFlow Magnetics has raised US$8.09M in a seed extension to fund its expansion into the United States. Deep tech investor Significant VenturesDealroom has a profile for this one. Try Dealroom → joined the round in June 2026, adding to earlier backing from Orion Industrial VenturesDealroom has a profile for this one. Try Dealroom →, Virescent VenturesDealroom has a profile for this one. Try Dealroom →, and Taronga VenturesDealroom has a profile for this one. Try Dealroom →.
What's the endgame? DryFlow's patented technology lets mining companies upgrade iron ore and recover certain critical minerals without the large volumes of water conventional processing requires. Developed in South Australia with support from CSIRODealroom has a profile for this one. Try Dealroom → and the South Australian government, the platform is aimed at unlocking deposits in water-stressed regions.
Why now? In August 2026, the company held the ribbon-cutting for its first commercial-scale unit, designed and manufactured in South Australia. The extension follows US$6.47M seed round closed in December 2025 and was itself closed in June 2026.
Where's it expanding? DryFlow will ship the modular unit to the Western US for deployment at an operating mine to lift ore grade. The push includes a research laboratory in Texas supporting a critical minerals research partnership, and will inform a next-generation 200-tonne-per-hour system.
Those larger units are set for validation under a commercial agreement with Peak Iron Mines in South Australia, backed by federal grant assistance.
The signal: The round ranks among the largest seed-stage deals in Australian energy — above the 99th percentile of 222 comparable rounds. As Australia, the world's largest iron ore exporter, chases lower-emissions steelmaking, DryFlow's early traction points to rising global demand for Australian-developed minerals processing technology.
Read more: Steel Technology
