Durin: Automating the Future of Mineral Discovery

Company & Team Introduction

Founded in 2024, Durin is a California-based startup pioneering the automation of mineral exploration through advanced robotics and AI. With the mission to make raw materials more accessible and reduce reliance on manual drilling, Durin is developing sensor-rich, semi-autonomous drill rigs that gather real-time geological data to accelerate the discovery of critical minerals like lithium and rare earth elements. The small ~5 person team recently secured $3.4 million in pre-seed funding from investors including 8090 Industries, Andreessen Horowitz, Lux Capital, and Contrary.

Leadership Team:

• Ted Feldmann (Founder & CEO): A third-generation mining professional, Feldmann brings deep industry insight and a vision to modernize mineral exploration. His leadership is driving Durin's efforts to automate drilling processes and enhance efficiency in the mining sector. With BSc. from Georgia Tech.

• David Venegas (COO): With a background in operations and engineering, Venegas oversees Durin's day-to-day activities and ensures the seamless integration of technology into field operations.

• Christopher J. Seligman (Head of Geoscience): A certified professional geologist, Seligman leads Durin's geological research and development, focusing on integrating geoscientific data into the company's automation platforms.

With an innovative approach, it aims to transform mineral exploration by reducing costs, improving safety, and increasing the success rate of discovering viable mineral deposits. By leveraging automation and data analytics, the company seeks to address the growing demand for critical minerals essential to various industries, including renewable energy and electronics.

Product Overview

Durin is revolutionizing mineral exploration with its integrated, automation-first drilling platform designed to reduce costs, enhance safety, and accelerate the discovery of critical minerals.

Key Features:

• Semi-Autonomous Drill Rigs: Durin's rigs are remotely operated and equipped with advanced sensors, enabling faster drilling, reduced human error, and improved worker safety. These rigs can drill up to 300 meters deep and collect data in real-time, allowing geologists to make swift decisions from anywhere in the world.

• Integrated Exploration Workflow: The platform streamlines the entire mineral exploration process, from geological modelling and lab testing to drillhole planning. By integrating every step, Durin ensures quality and seamless handoffs across the exploration cycle.

• Real-Time Data Transmission: Data collected by the rigs is transmitted directly to geologists, facilitating immediate analysis and decision-making. This capability significantly reduces the time from data collection to actionable insights.

• Scalable Deployment: After initial development and testing, Durin plans to deploy its rigs on active exploration projects, creating a feedback loop where operational data informs continual design improvements. This approach allows for scaling production to meet global demand.

Durin's innovative approach addresses the challenges of traditional drilling methods, offering a solution that is not only cost-effective but also enhances the efficiency and safety of mineral exploration.

Market Opportunity

The global demand for critical minerals—such as lithium, cobalt, nickel, and rare earth elements—is experiencing unprecedented growth, driven by the accelerating transition to renewable energy, the proliferation of electric vehicles, and the expansion of digital infrastructure. This surge is prompting a significant increase in mineral exploration activities worldwide.

In 2023, companies invested between $12 billion and $13 billion in mineral exploration, yet the success rate remains low, with only about three out of every 1,000 exploration attempts resulting in a viable deposit. A substantial portion of exploration budgets—approximately 70%—is allocated to drilling, which is both costly and labour-intensive. Labour expenses alone account for around 60% of drilling costs, highlighting the need for more efficient solutions.

Durin is strategically positioned to address these challenges by introducing automation and advanced technologies into the drilling process. By reducing reliance on manual labour and enhancing data collection through sensor-equipped rigs, Durin aims to lower exploration costs, increase efficiency, and improve safety. This approach not only addresses current industry inefficiencies but also aligns with the broader trend of integrating technology into mining operations to meet the growing demand for critical minerals.

Key Market Drivers:

• Escalating Global Demand for Critical Minerals: The push for renewable energy and electric vehicles is intensifying the need for minerals like lithium and cobalt.

• High Exploration Costs with Low Success Rates: With only 0.3% of drilling efforts yielding viable deposits, the industry faces significant financial risks.

• Labour Shortages and Safety Concerns: The mining sector is grappling with a dwindling workforce and the inherent dangers of manual drilling operations.

• Advancements in Mining Automation: The mining automation market is projected to grow from $4.2 billion in 2024 to $8.3 billion by 2034, reflecting a shift towards more efficient and safer mining practices.

Business Model & Traction

Durin operates on a vertically integrated model that encompasses the design, operation, and continuous refinement of automated drilling rigs for mineral exploration. By directly managing drilling operations, Durin collects real-time data to enhance its technology, ensuring a feedback loop that drives both product improvement and revenue generation. This approach not only streamlines the exploration process but also positions Durin to offer comprehensive solutions in the mineral discovery sector.

Key Elements of Durin's Business Model:

• Design and Development: Creation of sensor-equipped, semi-autonomous drilling rigs capable of deep mineral exploration.

• Operational Deployment: Direct involvement in drilling projects, allowing for immediate application and testing of technologies.

• Data-Driven Refinement: Utilization of operational data to inform iterative design improvements, enhancing efficiency and effectiveness.

• Revenue Generation: Earnings derived from drilling services, with reinvestment into research and development to foster innovation.

Traction Highlights:

• Prototype Development: Initiated the design of a drilling rig capable of reaching depths of 300 meters, integrating advanced sensors for data collection.

• Operational Milestones: Commenced initial drilling programs to gather data, aiming to develop fully autonomous rigs within the next two to three years.

Through its integrated approach, Durin aims to revolutionize mineral exploration by reducing costs, improving safety, and accelerating the discovery of critical minerals essential for various industries.

Competitors

Durin is at the forefront of integrating automation and data analytics into mineral exploration and drilling operations, aiming to enhance efficiency, safety, and data accuracy in the mining industry. Here are a few key competitors:

1. Epiroc

Epiroc is a leading productivity partner for the mining and infrastructure industries. They develop and produce innovative drill rigs, rock excavation, and construction equipment. Epiroc's autonomous drilling solutions, such as the Pit Viper series, are designed for open-pit mining and are widely used globally.

2. Sandvik Mining and Rock Technology

Sandvik offers a comprehensive range of equipment for mining and rock excavation, including autonomous and semi-autonomous drill rigs. Their AutoMine® system provides automation for loaders and trucks, and they are continuously developing automation solutions for drilling operations.

3. Boart Longyear

Boart Longyear is a global leader in drilling services, drilling equipment, and performance tooling for mining and drilling companies. They have been innovating in the field of drilling technology and offer a range of automated drilling solutions aimed at improving safety and efficiency in mineral exploration.

Funding

Durin has secured $3.4 million in pre-seed funding as of April 2025. The funding round was led by 8090 Industries and included participation from a list of notable investors such as Andreessen Horowitz, Lux Capital, 1517 Fund, Bedrock, Champion Hill Ventures, Contrary, and Day One Ventures.