KoBold Metals closed a $537 million Series C round on Wednesday to help build a multibillion-dollar mine to exploit copper deposits found using AI.
The new round of funding, led by Durable Capital Partners and T. Rowe Price, will be used to expand the company's exploration efforts across five continents and build a large copper deposit in Zambia. The funding round pushed KoBold's valuation to $2.96 billion. according to to the Financial Times
At the closing of the round, the company raised $10 million more than initially expected. TechCrunch Privately stated. In fundraising for October
Few industries are as ripe for technological disruption as mining. The business is risky: only about 3 out of every 1,000 potential deposits have commercial potential.
Founded in 2018, KoBold uses AI to crunch large geological datasets in an effort to improve success rates. The company's decision to develop the Zambian resource, which is among its biggest finds, suggests the approach could pay off handsomely.
The US and China have become increasingly important minerals in recent years due to supply issues. China to the United States of antimony; Exports of gallium and germanium are banned; It was proposed today. Limited technologies To process lithium and gallium.
Andreessen Horowitz; Bond, Breakthrough Energy Ventures; Earthshot VC; Equinor July Fund Mitsubishi, Standard Investments StepStone and WCM Investment Management also participated. Previous investors include Bill Gates; Including Jeff Bezos and Jack Ma.