Summary:
KoBold, a mining startup, raised $537 million backed by Bill Gates and Jeff Bezos.
Valuation reached $2.96 billion post-funding.
AI technology is used to enhance mineral exploration.
$1 billion raised to challenge China's dominance in the mineral supply chain.
Significant copper deposits discovered in Zambia with plans for 300,000 tons production annually.
KoBold's Groundbreaking Fundraising
KoBold, a US mining startup backed by billionaires like Bill Gates and Jeff Bezos, has successfully raised $537 million in its latest funding round, pushing its valuation to $2.96 billion.
Major Investors Involved
The funding round was co-led by Durable Capital Partners LP and T. Rowe Price, with participation from existing backers such as Andreessen Horowitz and Gates’ Breakthrough Energy Ventures. New investments also came from StepStone.
Aiming to Transform Mineral Supply Chains
To date, KoBold has raised a staggering $1 billion and aims to challenge China's dominance in the mineral supply chain. The startup employs artificial intelligence, including OpenAI’s generative AI, to analyze historical and scientific data for identifying mineral deposits.
Addressing U.S. Dependence on China
The U.S. heavily relies on China for essential metals like copper, lithium, and nickel, crucial for various technologies, including mobile phones, data centers, and electric vehicle batteries.
CEO's Vision
According to CEO Kurt House, "KoBold’s mission is to expand and diversify the global supply of critical resources essential for prosperity, energy technology, AI, and security."
Future Exploration and R&D
The recent funding will primarily be directed towards new exploration projects and enhancing research and development efforts. Significant projects include a major copper deposit discovered in Zambia last February, which is expected to produce at least 300,000 tons of copper annually.
The Role of AI in Mining
Henry Ellenbogen, managing partner at Durable Capital Partners LP, noted, "KoBold shows how the combination of scientific excellence and AI can enable the discovery of critical metals for the global energy transition."
Comments