The Kingston, Ont.-based startup, which recycles rare-earth metals from products like electric-vehicle motors, wind turbines and hard drives, said the oversubscribed Series B equity round was led by ArcTern Ventures. New investors included BDC Capital’s Climate Tech Fund, Hitachi Ventures, Microsoft and others. (The Logic)

Talking point: The company, which is also backed by BMW, is trying to help build a North American rare-earths supply chain after market leader China put export controls on certain rare earths over the last year. As demand for data storage technologies booms thanks to AI, there is also more pressure on the tech industry to reuse materials like magnets in hard drives.  Cyclic Materials said it will use the funding to speed up its international growth, build recycling infrastructure in the U.S. and Europe, and grow its team.