KoBold Metals Raises 491 Million Dollars Using AI to Help Find Critical Minerals Needed for Energy Transition

In a remarkable achievement, KoBold Metals has secured over half a billion dollars in funding, valuing the company at an impressive $2 billion. This significant milestone comes just eight months after the discovery of one of the largest high-grade copper deposits ever found.

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A Breakthrough Discovery

Earlier this year, KoBold Metals made headlines with the announcement of its massive copper deposit in Zambia. According to reports, the deposit has the potential to produce hundreds of thousands of metric tons per year, making it a game-changer for the industry. The discovery was hailed as one of the largest high-grade copper deposits ever found.

Rapid Progress and Investment

The company’s rapid progress and significant investment have been nothing short of impressive. With over $491 million raised out of a targeted $527 million round, KoBold Metals is poised to develop its massive copper resource while advancing its other exploration projects. The startup’s previous round of $195 million valued the company at $1 billion post-money, according to PitchBook.

The Role of Artificial Intelligence

KoBold Metals has been at the forefront of using artificial intelligence (AI) in mineral discovery. By leveraging AI to sift through enormous amounts of data, the company aims to find mineral deposits that can help drive the energy transition. In addition to copper, KoBold searches for lithium, nickel, and cobalt.

A New Era in Mineral Discovery

Historically, prospecting for minerals has been an endeavor fraught with risk. The rule of thumb is that for every 1,000 attempts to find a deposit, only about three tend to be successful. However, KoBold Metals is challenging this conventional wisdom by harnessing the power of AI to improve success rates.

A Strategic Shift

KoBold has announced a strategic shift in its approach, intending to develop the Zambia resource itself. This undertaking is expected to cost around $2.3 billion. The company’s decision to take on the development process reflects its commitment to maximizing returns from its massive copper deposit.

Notable Investors

KoBold Metals’ previous investors include notable figures such as Bill Gates, Jeff Bezos, Jack Ma, Andreessen Horowitz, and Breakthrough Energy Ventures. These high-profile investors have no doubt contributed to the company’s rapid growth and success.

The Future of Mineral Discovery

As KoBold Metals continues to make waves in the industry, its innovative approach to mineral discovery is paving the way for a new era in exploration and development. With AI at the forefront, the company is poised to revolutionize the way minerals are discovered and extracted, driving the transition to cleaner energy sources.

Key Players

KoBold Metals: A mineral discovery startup leveraging artificial intelligence to find mineral deposits that can help drive the energy transition.
Bill Gates: A notable investor in KoBold Metals, known for his commitment to clean energy and sustainable development.
Jeff Bezos: Another prominent investor in KoBold Metals, recognized for his investments in clean technology and renewable energy.

Sources

[1] SEC Filing: KoBold Metals Raises Over Half a Billion Dollars
[2] PitchBook: KoBold Metals Valued at $1 Billion Post-Money
[3] Report: KoBold Metals to Develop Zambia Resource Itself, Estimated Cost $2.3 Billion

Conclusion

KoBold Metals’ achievement is a testament to the power of innovation and investment in the mineral discovery industry. As the company continues to push boundaries with its AI-driven approach, it is likely to remain at the forefront of efforts to drive the energy transition.

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About the Author

Tim De Chant is a senior climate reporter at TechCrunch. With a background in environmental science and policy, he brings a unique perspective to his coverage of climate-related news and innovation.