Startup · Canada
Cyclic Materials
HQ Toronto, CanadaFounded 202151-200 employeesUpdated
Cyclic Materials recovers rare earths from end-of-life products, building a secure and circular supply chain for materials that are critical to the global economy.
Funding6 rounds · $232M
- Equity raised
- $232M
- Debt, secondaries & grants
- $3.6M
- Latest
- $75.0MStage undisclosed · Aug 27, 2026
| Announced | Stage | Amount | Valuation | Lead investors | Other investors | Confidence |
|---|---|---|---|---|---|---|
| Aug 27, 2026 | Undisclosed | $75.0M | — | T. Rowe Price | — | Reported |
| Jan 23, 2026 | Series C | $75.0M | — | — | — | Speculative |
| Jan 23, 2025 | Series B | $2.0M | — | — | InMotion Ventures | Speculative |
| Sep 25, 2024 | Series B | $53.0M | — | — | — | Confirmed |
| Apr 25, 2023 | Series A | $27.0M | — | BMW i Ventures, Energy Impact Partners | Fifth Wall | Speculative |
| Feb 17, 2023 | Grant | $3.6M | — | — | — | Reported |
- UndisclosedLed by T. Rowe Price$75.0MAug 27, 2026
- Series CSpeculative$75.0MJan 23, 2026
- $2.0MJan 23, 2025
- Series BConfirmed$53.0MSep 25, 2024
- $27.0MApr 25, 2023
- Grant$3.6MFeb 17, 2023
Raised counts equity rounds; debt, secondary sales and grants are totaled separately. Amounts in other currencies are converted at the announcement month's average rate. A ~ marks an estimated or converted amount.
Capabilities1
| Technology | Role | Maturity | TRL | Notes | Confidence |
|---|---|---|---|---|---|
| Advanced manufacturing and materials | Developer | — | — | Run 97, reviewed AI classification, taxonomy 2026-10-18b: The company recovers rare earths and lists Defense & Aerospace as an end market for recycling magnet-bearing components, so it is a critical-materials supplier with a stated defense use. Source: https://cyclicmaterials.earth | Reported |
- DeveloperRun 97, reviewed AI classification, taxonomy 2026-10-18b: The company recovers rare earths and lists Defense & Aerospace as an end market for recycling magnet-bearing components, so it is a critical-materials supplier with a stated defense use. Source: https://cyclicmaterials.earth—Reported
Maturity and TRL describe this organization's work; the field-wide maturity is on each technology's page.
People1
| Person | Role |
|---|---|
| Ahmad Ghahreman | CEO and Founder |
Sources7
Profile3
- 1CompanyCyclic Materials
cyclicmaterials.earth · Supports Organization · sector classification
“Recycling magnet-bearing components from advanced defense and aerospace equipment to support motors, actuators, sensors and other mission-critical systems.”
- 2CompanyCyclic Materials
Cyclic Materials · Supports Organization · description, Organization · name, Organization · website
“Cyclic Materials recovers rare earths from end-of-life products, building a secure and circular supply chain for materials that are critical to the global economy.”
- 3
Sixth-Domain · Supports Organization · kind
“{"group": "startups", "id": "d83582fa-7d3a-4286-ab8e-216a0762ccd7", "name": "Cyclic Materials"}”
Funding3
- 4
cyclic-materials · Sep 25, 2024 · Supports Funding round · amount
“Cyclic Materials, the advanced recycling company creating a circular supply chain for rare earth elements (REEs) and other critical materials, today announced it has successfully closed an oversubscribed USD $53 million Series B equity round.”
- 5
multiples.vc · Supports Funding round · amount, Organization · ownership
“Cyclic Materials, an advanced recycling company specializing in recovering rare earth elements (REEs) from magnet-containing end-of-life scrap and production waste such as electric vehicle motors, wind turbines, MRI machines, and data center e-waste, closed an oversubscribed $75 million Series C equity round on January 23, 2026.”
- 6DatabaseCyclic Materials company profile
Octen Business Search · Supports Funding round, Organization · country, Organization · employee range, Organization · founded year, Organization · hq city, Organization · hq region, Organization · linkedin url
“funding round: Grant, 2023-02-17, USD 3,600,000, lead: Sustainable Development Technology Canada”
People1
- 7
impactpodcast.com · Supports Role
“entrepreneur with more than 15 years of experience in developing clean technologies for processing and recycling of resources, Ahmad Ghahreman is the CEO & Founder of Cyclic Materials, a rare earth recycling company that is enabling domestic circular supply of critical materials around the world.”
Each fact on this page is attached to the sources that support it. Archived copies are linked when we keep one.