Finding new deposits of critical minerals remains an expensive and uncertain venture. Global exploration spending reached between $12 and $13 billion in 2023 alone. Despite using advanced geological modeling, success rates remain low—only about three in every 1,000 exploration attempts yield a viable deposit. At the center of this high-stakes search is drilling. It’s the most expensive part of exploration, often consuming around 70% of a company’s raised capital, according to Ted Feldmann, founder and CEO of Durin. “Drilling is prohibitively expensive,” he said
Feldmann, who grew up in a mining family, believes the solution lies in automation. His company is merging robotics with traditional drilling rigs in a bid to cut costs and reduce the need for manual labor.
Labor Shortage Meets High-Cost Operations
Drilling is typically outsourced to specialized contractors whose largest expense is labor—accounting for about 60% of operational costs. “This really comes down to a labor problem,” Feldmann said. “There are not nearly enough drillers in the United States.”
Each drilling site usually requires two to three workers. One or two manage pipes and fluids, while another operates the rig. Listening to its sounds, watching gauges, interpreting rock types, and adjusting settings. Feldmann believes much of that can be automated.
To begin that transformation, Durin has raised $3.4 million in a pre-seed funding round led by 8090 Industries. Other backers include 1517, Andreessen Horowitz, Bedrock, Champion Hill, Contrary, Day One Ventures, and Lux Capital.
From Manual Rig to Autonomous Operations
Earlier this year, Durin began designing its first drilling rig. The prototype can drill holes 300 meters deep and 2.5 inches wide. While still manually operated, it is equipped with a range of sensors designed to collect data for training future automated systems.
Durin is also developing a system that will automatically feed pipe into the rig as it drills deeper—removing the need for constant manual attention. The startup’s first drilling program is now underway, and Feldmann expects to have enough data by year-end to begin building the company’s automation model.
He envisions a future where drilling rigs operate autonomously within the next two to three years. While human presence on site will still be necessary, roles will shift toward resupply, progress monitoring, and core retrieval—rather than directly operating the rig.
“Our goal is to eliminate the need for people standing around the rig while it’s running,” Feldmann said.
