AP Ventures was spun out of Anglo American Platinum's in-house PGM Investment Programme and launched with $200M from Anglo American Platinum and South Africa's Public Investment Corporation to back technologies that use platinum-group metals, backed by a strategic investor group that includes mining, auto, and Japanese industrial companies like Mitsubishi and Sumitomo. Beyond funding startups, it has incubated local South African ventures like MatiTech and African Hydrogen Ventures to develop mine-site water treatment and hydrogen projects, reflecting a cross-border structure connecting the UK, US, South Africa, and Japan around hydrogen and platinum-based industry.