KoBold Metals, the US-based mining startup backed by billionaires Bill Gates and Jeff Bezos, has raised $537 million in a Series C funding round.
Led by the Durable Capital Partners and T. Rowe Price funds, this investment values KoBold at $2.96 billion.
This funding will accelerate exploration for minerals such as copper, lithium and nickel, which are vital for technologies such as electric vehicles and cell phones.
The company has so far raised $1 billion in total funding.
KoBold plans to use the proceeds for further exploration, advance “high-potential” projects toward production and strengthen research and development (R&D) efforts, reported Bloomberg.
KoBold’s Mingomba copper mine in Zambia is particularly targeted for development, with the company announcing a huge copper deposit on site in February 2024.
Estimated at $2 billion, the Mingomba project is expected to produce a minimum of 300,000 tonnes of copper per year from the 2030s.
KoBold CEO Kurt House said around 40% of the new capital is expected to be dedicated to developing existing mining projects, with the Zambia project receiving the majority of this investment.
Additionally, KoBold plans to recruit data scientists from technology backgrounds and geoscientists for field surveys and data collection.
House said the company is also planning a possible IPO in the next three to five years.
Carmichael Roberts, Managing Partner of Breakthrough Energy Ventures, was quoted by the Financial Times saying KoBold’s AI-driven approach to mineral exploration would create “a safer, more affordable and cleaner energy future for all.”
KoBold is collaborating with mining giants BHP and Rio Tinto on critical metals exploration initiatives in Australia and Canada.
KoBold Metals integrates its geoscience expertise with AI, machine learning and data science to improve and accelerate the exploration process to identify critical minerals needed for the global energy transition.
“KoBold Metals, an AI-powered mining startup, secures $537 million in funding” was originally created and published by Mining technologya brand owned by GlobalData.
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