A Berkeley-based mining and artificial intelligence start-up KoBold Metals, backed by industry giants like Microsoft (MSFT) founder, Bill Gates and Amazon’s (AMZN) Executive Chairman Jeff Bezos, has raised $537 million in its Series C funding round, according to Financial Times. This latest round, co-led by T. Rowe Price and Durable Capital Partners, values the company at $2.96 billion. The company’s existing investors, including Gates’ Breakthrough Energy Ventures and Andreessen Horowitz, joined the round, along with new backer StepStone. The company plans to go public over the next three to five years.
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KoBold Has Raised $1B to Date
KoBold Metals has now raised $1 billion to date as it seeks to compete with Chinese mining companies in securing critical minerals like copper, lithium, and nickel. These minerals are important for technologies ranging from electric vehicle batteries to defense systems. Western governments are seeking to reduce their reliance on Chinese-dominated supply chains and, as a result, companies like KoBold are becoming key players in the global energy transition.
KoBold Uses AI for Mineral Exploration
KoBold utilizes AI, including OpenAI’s generative technology, to analyze historical and scientific data to identify untapped mineral deposits. Last year, the company announced the discovery of a massive copper deposit in Zambia’s Mingomba site. The site is valued at $2 billion and is expected to produce at least 300,000 tonnes annually by the 2030s.
KoBold Will Focus on Developing Existing Projects
According to the company’s CEO and co-founder Kurt House, 40% of the newly raised capital will focus on developing existing projects, with the Zambian copper site receiving the majority share of the funding. The company also plans to expand into at least three additional regions, including Finland and Botswana. Furthermore, House remained enthusiastic about the prospects for lithium mining in Canada.
What Are the Best Mining Stocks to Buy?
For investors interested in investing in the mining sector, we have rounded up the best mining stocks that Wall Street analysts are bullish or cautiously optimistic about using the TipRanks Stock Comparison tool. From this comparison, it appears that analysts are bullish about Rio Tinto (RIO).
