Mariana Minerals raises $310 million in Series B at a $1.5 billion valuation

Software-driven mining startup Mariana Minerals has closed a $310 million Series B round, according to Fortune, with Khosla Ventures leading the financing and Andreessen Horowitz (a16z), Breakthrough Energy Ventures, Greenoaks, BHP Ventures, and Mitsubishi Corp. also participating. The deal brings the company’s total funding to $400 million and values Mariana at $1.5 billion. Mariana was co-founded in 2024 by Turner Caldwell, a former member of Tesla’s factory design and construction team, and is based in San Francisco. The company says it is working to remake traditional mining through software. It currently operates two mining assets: Copper One in Utah, a copper mine targeting annual refined copper output of 50,000 tons, and Lithium One in Texas, a lithium mine expected to begin commercial production in 2027. The financing adds to investor backing from both venture capital firms and industrial groups as Mariana expands its operating footprint.