DryFlow Magnetics Seeks Additional Funding for Waterless Magnetic Mining Technology
DryFlow Magnetics is aiming to raise further capital after a $10 million Seed round to finance processing plant fabrication. The startup's innovative waterless technology is designed to extract high-purity iron concentrate and critical minerals, addressing environmental concerns in steel production.
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Following a $10 million Seed funding round in December 2025, DryFlow Magnetics is seeking additional investment to support the development of processing plants using its waterless magnetic technology. Founded in 2024 and based in Adelaide, the startup has gained commercial traction, including its first customer in the USA and partnerships with leading miners.
Its technology aims to process iron ore without the extensive water and energy use typical of conventional methods, potentially generating $386 billion annually in upgraded iron ore exports by 2060. This innovation addresses the pressing need for high-purity iron concentrate in the green steel sector, while contributing to a reduction in carbon emissions associated with steel production.
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