Urban Mining operates a patented magnet recycling process that reprocesses scrap rare-earth magnets into new, high-performance magnets. The company is based in Austin and says its technology is ready for commercialization. It completed a $25 million Series A to fund scale-up and operations. Urban Mining plans to use the Series A to build and operate a magnet recycling and manufacturing plant at its headquarters. The company also plans to open a lab by the end of the summer to prototype magnet products for partners and customers. CEO Scott Dunn said commercialization is capital intensive and the financing reflects investor confidence in the product and business model.

Total raised

$25M

Funding rounds

1

Latest round

Series A

Latest activity

Jun 2016