Scoop: Radify Metals raising $20M for modular refining

Radify Metals plans to raise $20 million in seed funding this fall to develop metal-refining reactors, Axios Pro has learned.

Follow the money: The Campbell, Calif., company previously closed $2.9 million in pre-seed funding in December from investors including Acequia Capital, Auxilium Partners, Founders Inc., Mana Ventures, and Overture Ventures.

It was accepted to a two-year fellowship with nonprofit Activate, one source says.

How it works: Radify, which has built six model reactors, focuses on the "metallization stage" of refining, turning metal-oxide powders into a metallic state.

Its process uses hydrogen plasma, which leaves just water as waste. The company says its reactors can be cost-competitive with conventional refineries.

What's next: It plans to first refine rare earth metals, then expand to higher-volume metals, charging customers a toll processing fee.

It expects to send its first refined materials for customer validation this year, and expand to pilot-scale batches in 2027.

Radify Metals declined to comment.