KoBold used AI to find copper — now investors are piling in to the tune of $537M | TechCrunch
Jan 02, 2025 - techcrunch.com
KoBold Metals has secured $537 million in a Series C funding round to develop a large copper deposit in Zambia, discovered using AI technology. The round, led by Durable Capital Partners and T. Rowe Price, increased KoBold's valuation to $2.96 billion. The funds will support the company's exploration efforts across five continents. The mining industry, known for its high risk with only a small fraction of deposits being viable, is seeing potential disruption through KoBold's AI-driven approach to geological data analysis. The decision to develop the Zambian resource, believed to be one of the largest, highlights the potential success of this method.
The importance of critical minerals has grown amid geopolitical tensions, particularly between the U.S. and China, with China restricting exports of certain minerals. Other investors in the funding round include Andreessen Horowitz, Bond, Breakthrough Energy Ventures, and several others, with previous backers like Bill Gates, Jeff Bezos, and Jack Ma. The article also mentions Tim De Chant, a senior climate reporter at TechCrunch, who has a background in environmental science and journalism.
Key takeaways:
KoBold Metals raised $537 million in a Series C round to develop a copper mine in Zambia using AI technology.
The funding round, led by Durable Capital Partners and T. Rowe Price, increased KoBold's valuation to $2.96 billion.
KoBold uses AI to improve the success rate of finding commercially viable mineral deposits, with a focus on critical minerals.
Prominent investors in the round include Andreessen Horowitz, Bill Gates, Jeff Bezos, and Jack Ma.
