BHP Ventures Research
Investment Thesis
BHP Ventures is the in-house corporate venture capital arm of BHP, the world's largest mining company. It invests in breakthrough technologies that shape the future of BHP and the global resources industry: making mining safer, more productive and more sustainable, and supporting the systems needed for the energy transition. The strategy is anchored in BHP's value chain across four areas: exploration, processing, operational efficiency, and broader technology trends. In a 2024 BHP article, the unit said around two-thirds of its investment spend supported delivery of BHP's climate change goals and targets.
Corporate Structure and Mandate
The unit was created as a dedicated venture fund (BHP says 2020; Global Corporate Venturing says 2018). It sits inside BHP's Commercial and development function, and its head reports to the Chief Development Officer alongside strategy, M&A and business development. It works closely with BHP Invent, BHP Xplor (a six-month accelerator for early-stage explorers) and Think and Act Differently (an open-innovation program). Per a February 2026 interview, about half the team works solely on investments and about half on portfolio management and listening to the business. In 2024 the team was about 10 people across Australia, the US and Singapore.
Stage Focus
BHP describes Ventures as best suited to high-growth startups with a scalable business model that need substantial capital to grow. The portfolio is mostly venture-backed technology companies from Series A through growth rounds, such as KoBold Metals, Boston Metal and FieldAI. Early-stage investments exist (Atomionics, Ceibo). Stage is not stated per company on the BHP site, so none is recorded.
Check Size
BHP does not publish check sizes. A third-party directory lists a range of $1M to $50M, which is low confidence. The unit invests directly, not through third-party funds.
Lead Tendency
Laurel Buckner has said that anyone who can write a term sheet with the right balance should lead the round, and that CVCs and traditional VCs increasingly partner. This points to both leading and following depending on the deal.
Recent Activity
The unit is actively deploying. The BHP site now lists 23 portfolio companies across four groups: resource discovery, mineral extraction and recovery, decarbonisation and sustainability, and automation and AI. FieldAI (physical AI for robots) is the newest area Buckner highlighted in 2026. The unit offers a "Ventures pathway": portfolio companies can test real-world applications inside BHP with access to technical experts, assets and trial opportunities.
Portfolio Highlights
- Resource discovery: KoBold Metals, GeologicAI, Terra AI, Atomionics
- Extraction and recovery: Ceibo, SiTration, pH7 Technologies, Cuprum, DISA, Jetti, Summit Lithium Technologies
- Decarbonisation: Boston Metal, Amogy, Electra, Verdagy, Eavor, Antora, ZwitterCo, Allonnia
- Automation and AI: FieldAI, Mariana Minerals, AIM, Plotlogic
BHP supports Boston Metal with ore supply and technical exchange for low-carbon steelmaking, and tests Jetti and Ceibo leaching technologies against its in-house sulphide leaching work.
Team
- Laurel Buckner, Vice President of Ventures (New Business Ventures): Leads BHP Ventures. Joined January 2024 from a career in M&A, operating roles, private equity and CVC. Tax attorney by training. Based in the US.
- David Li, Lead Principal: Joined July 2024 from Avanta Ventures (CSAA Insurance). Based in San Francisco. Focus on early-stage energy, climate and mining technology.
- Eric Price, Lead Principal: US-based.
- Michael Buzzo was named head of BHP Ventures in March 2024; Buckner is described as leading the unit in 2026, so his current role is unconfirmed and he is not recorded as a team member.
Decision Process
Investments are decided inside a corporate structure aligned with BHP strategy. The Ventures team works with BHP's exploration, technology and operations teams, which suggests a corporate investment committee process rather than a solo GP. Timeline is not published. The contact address is [email protected].
Founder Preferences
Founders working on a problem that could change mining or the energy transition, with technology BHP can pilot on real assets. Strategic fit with BHP's value chain matters as much as financial return. The site invites cold contact from companies working on something that could change the industry.
Geographic Focus
Global. The team sits in Australia, the US (San Francisco) and Singapore, and the portfolio spans the US, Australia, Canada, Singapore and Chile-linked copper technologies. BHP says the framework keeps it connected to the most innovative countries.
Gaps
AUM, fund size, per-company stage and round data, and the current team list beyond the people above are not public on BHP's site.