KoBold Metals, which uses AI to help find critical minerals for the energy transition, raises $491M

KoBold Metals raised $491M to develop a massive copper deposit using AI.

: KoBold Metals has raised $491 million out of a targeted $527 million funding round. The company uses AI for mineral discovery, aiming to aid the energy transition. They recently found a potentially large copper deposit and have 60 other projects. Previous investors include Bill Gates and Jeff Bezos.

KoBold Metals, an innovative startup leveraging artificial intelligence in mineral exploration, has successfully raised $491 million toward a $527 million funding goal. Aiming for a $2 billion valuation, this capital influx will facilitate the development of an enormous copper deposit and support the company's extensive portfolio of over 60 exploration projects.

The company has made significant strides in the field of mineral discovery, emphasizing resources such as copper, lithium, nickel, and cobalt—key elements in the energy transition. Their AI-driven strategy has proven effective, exemplified by the recent discovery of a potentially record-setting high-grade copper deposit in Zambia.

KoBold has announced its strategic intention to independently develop this vast copper resource, an endeavor estimated to cost around $2.3 billion. This ambitious effort is backed by prominent investors such as Bill Gates, Jeff Bezos, Jack Ma, Andreessen Horowitz, and Breakthrough Energy Ventures.

artificial intelligenceMineral ExplorationEnergy Transition