{"id":1462,"date":"2026-08-03T09:38:34","date_gmt":"2026-08-03T09:38:34","guid":{"rendered":"https:\/\/www.vaultinsider.top\/?p=1462"},"modified":"2026-08-03T09:38:34","modified_gmt":"2026-08-03T09:38:34","slug":"khosla-leads-310-million-raise-for-unicorn-mining-startup-mariana-minerals","status":"publish","type":"post","link":"https:\/\/www.vaultinsider.top\/?p=1462","title":{"rendered":"Khosla leads $310 million raise for unicorn mining startup Mariana Minerals"},"content":{"rendered":"

<\/p>\n

The last century was fueled by oil and gas. Turner Caldwell is betting the next century runs on metals.\u00a0<\/p>\n

\n

\u201cWe\u2019re entering a metals-driven economy,\u201d said Caldwell, CEO and cofounder at Mariana Minerals, a software-focused mining startup. \u201cLithium and copper are going to be core, but our mandate needs to be broader than that. We\u2019re starting to chase aluminum, which goes into lightweight alloys and plays a major part in the electrification of the economy. We\u2019re looking at magnesium, nickel, cobalt, manganese, uranium, and rare earths. The beauty of the software backbone we\u2019re building is that we\u2019re architecting it to be as generalizable as possible for all the metals the modern economy depends on.\u201d<\/p>\n

Metals are the unseen but ubiquitous foundation of our economy (and our world) as we understand it. Power grids and motors guzzle copper. EV batteries don\u2019t exist without lithium. Aluminum builds power lines, planes, and cars. The list goes on: steel is the skeleton of the building you\u2019re sitting in right now, and even metals you never think about\u2014like germanium\u2014are irreplaceable in the chip powering the phone in your hand.<\/p>\n

And now, the supply chain powering our phones, transportation, and electricity is endangered: China dominates global mining and controls as much as 90% of critical minerals processing worldwide (this number for rare earth magnets manufacturing\u2014essential for smartphones and defense applications\u2014goes up to 92%). The U.S. is locked in what\u2019s been widely described as a critical minerals chokehold, developed through decades of price-cutting Chinese industrial policy and American industrial decline. So, the supply chain is high-risk, and even high-volume essential minerals like copper and lithium can get wildly expensive.\u00a0<\/p>\n

\u201cOur goal is to reduce the cost of these core inputs to the modern economy over time,\u201d said Caldwell. \u201cThat enables us to ensure that everything downstream can move as fast as humanly possible, so we can unlock all the industries [like AI] that everyone is super excited about.\u201d<\/p>\n

Mariana\u2014which Caldwell in 2024 cofounded with Baker Tilney and Juan Lozano after nine years working on factory design and construction at Tesla\u2014has been one of a few buzzy startups trying to make waves in the centuries-old mining sector, at a pivotal geopolitical moment. The company, which is based in San Francisco, has just secured a new round of notable funding: Mariana raised a $310 million for its Series B, led by Khosla Ventures, Fortune<\/em> has exclusively learned. Andreessen Horowitz, a longtime backer, participated in the round, along with Breakthrough Energy Ventures, Greenoaks, Halo Fund, Pax Ventures, StepStone Group, BHP Ventures, Washington Harbour Partners, Greycroft, Mitsubishi Corporation, and others. Mariana has now raised $400 million total and is valued at $1.5 billion.\u00a0<\/p>\n

That $400 million includes capital that goes to the mines that Mariana runs: Copper One in Utah and Lithium One in Texas. The names are descriptive: Copper One is a previously idled copper mine that Mariana acquired in 2025 and restarted over four months with autonomous software\u2014the company says the site is moving toward producing 50,000 metric tons of refined copper each year. Lithium One, which broke ground in 2025, is expected to enter commercial production in 2027.\u00a0<\/p>\n

Mariana stands to compete with the massive incumbent miners, from Standard Lithium to BHP Group. But the startup\u2019s betting that there\u2019s not only an opening for Mariana, but that the rising metals demands forced by the AI boom make an efficient, software-based miner existential and essential.\u00a0<\/p>\n

\u201cThe AI revolution, physically speaking, depends on the mining of a huge amount of minerals and metals,\u201d Travis Kalanick, former Uber\u2019s founder who now runs physical AI and robotics company Atoms, said via email. \u201cData centers, chips, the grid, robots, EVs, defense systems: it all starts with copper and other critical minerals. So how existential is it? You cannot lead in the AI century without a domestic supply chain.\u201d<\/p>\n

To Kalanick\u2019s point, consider copper, a chokepoint for electrification, as AI-built data centers are placing more demands than ever on America\u2019s outdated electrical grid.\u00a0<\/p>\n

\u201cIf you look at the modern economy, it\u2019s basically an electrification story,\u201d said Caldwell. \u201cThat\u2019s true whether it\u2019s AI infrastructure, renewables and energy storage applications, the reindustrialization initiative, or the electrification of transport\u2014land, air, and sea. All of that is going to be tied to how much electricity we can generate as a country and as the human race.\u201d<\/p>\n

Electricity needs copper. So, volatile copper prices alone stall America\u2019s fragile industrial future.\u00a0<\/p>\n

\u201cIf copper prices start to get crazy\u2014and we\u2019ve already seen them increase\u2014all the downstream customers of those metals are going to face cost pressures,\u201d Caldwell said, \u201cwhich will slow the rate at which we modernize the global economy.\u201d<\/p>\n

And copper is just one of dozens of metals that matter to our collective, complicated future.<\/p>\n

See you tomorrow,<\/p>\n

Allie Garfinkle
X:<\/strong> @agarfinks
Email:<\/strong> alexandra.garfinkle@fortune.com<\/p>\n

Submit a deal for the Term Sheet newsletter here.<\/p>\n

Joey Abrams curated the deals section of today\u2019s newsletter<\/em>.<\/em> Subscribe here.<\/p>\n

VENTURE CAPITAL<\/h3>\n

– <\/span>Balance<\/b> Theory<\/b>, a Columbia, Md.-based AI platform that helps companies manage cybersecurity spending, raised $19 million in Series A funding. <\/span>SYN<\/b> Ventures<\/b> led the round and was joined by <\/span>DataTribe<\/b> and <\/span>TEDCO<\/b>.<\/span><\/p>\n

– <\/span>Smallest.ai<\/b>, a San Francisco-based AI lab focused on voice AI infrastructure for enterprises, raised $13 million in Series A funding. <\/span>Seligman<\/b> Ventures<\/b> led the round and was joined by <\/span>Sierra<\/b> Ventures<\/b> and <\/span>3one4<\/b> Capital<\/b>.<\/span><\/p>\n

PRIVATE EQUITY<\/h3>\n

– <\/span>Charterhouse<\/b> Capital<\/b> Partners<\/b> acquired <\/span>Animalcare<\/b> Group<\/b>, a York, U.K.-based animal health care company, for \u00a3235.2 million ($317.3 million).<\/span><\/p>\n

– <\/span>Haudecoeur<\/b>, backed by <\/span>Apheon<\/b>, acquired <\/span>Natur<\/b> Food<\/b>, a Giessen, Germany-based Turkish product wholesaler, and <\/span>Heliadis<\/b>, a Vilvoorde, Belgium-based food manufacturing company. Financial terms were not disclosed.<\/span><\/p>\n

IPOs<\/h3>\n

– <\/span>Braveheart<\/b> Bio<\/b>, a San Francisco-based biopharmaceutical company developing therapies for hypertrophic cardiomyopathy and other serious cardiovascular diseases, plans to raise up to $319.6 million in an offering of 18.8 million shares priced between $15 and $17 on the Nasdaq. <\/span>AH<\/b> Bio<\/b>, <\/span>Forbion<\/b>, <\/span>Jiangsu<\/b> Hengrui<\/b> Pharmaceuticals<\/b>, <\/span>Orbimed<\/b>, <\/span>ES<\/b> Braveheart<\/b> Aggregator<\/b>, and <\/span>Frazier<\/b> Life<\/b> Sciences<\/b> back the company.\u00a0<\/span><\/p>\n

\u00a0– <\/span>Apnimed<\/b>, a Cambridge, Mass.-based drug developer focused on sleep-related breathing diseases, raised $192 million in an offering of 12 million shares priced at $16 on the Nasdaq. <\/span><\/p>\n

FUNDS + FUNDS OF FUNDS<\/h3>\n

– <\/span>Index<\/b> Ventures<\/b>, a London, U.K.-based venture capital firm, raised $3.5 billion across multiple funds focused on seed, venture, and growth-stage technology investments.<\/span><\/p>\n

Correction: The July 31 edition of Term Sheet incorrectly stated that $3.1 billion across its two funds. The amount raised was instead $4 billion. We regret the error.<\/em><\/p>\n<\/div>\n

#Khosla #leads #million #raise #unicorn #mining #startup #Mariana #Minerals<\/p>\n","protected":false},"excerpt":{"rendered":"

The last century was fueled by… <\/p>\n","protected":false},"author":1,"featured_media":1463,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[2911,2650,2914,673,2562,2913,1834,2004,892,1835,2912,889],"class_list":["post-1462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-khosla","tag-leads","tag-mariana","tag-million","tag-minerals","tag-mining","tag-private-equity","tag-raise","tag-startup","tag-term-sheet","tag-unicorn","tag-venture-capital"],"yoast_head":"\nKhosla leads $310 million raise for unicorn mining startup Mariana Minerals - Finance News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vaultinsider.top\/?p=1462\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Khosla leads $310 million raise for unicorn mining startup Mariana Minerals - 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