Category: Technology

After releasing the Galaxy Fit 3 in several countries outside the US last February, Samsung is finally bringing this affordable fitness tracker to American shores. The device will be available on January 9th, 2025, for a price of $59.99.

What is the Galaxy Fit 3?

The Galaxy Fit 3 is a budget-friendly fitness tracker designed to help users track their daily activities and monitor their health metrics. This sleek device comes equipped with a 1.6-inch display surrounded by an aluminum body, giving it a premium look and feel. The best part? It can last up to 13 days on a single charge, making it perfect for those who don’t want the hassle of constantly charging their fitness tracker.

Key Features

The Galaxy Fit 3 boasts some impressive features, including:

• Sleep Pattern Monitoring: Track your sleep patterns and get insights into your sleep quality.
• Snore Detection: Receive alerts when you start snoring during the night.
• Blood Oxygen Level Tracking: Monitor your blood oxygen levels and stay on top of your health.
• Heart Rate Monitoring: Track your heart rate in real-time and receive notifications if it exceeds a set threshold.
• Over 100 Workout Types: Track your workouts, including running, cycling, swimming, and more.

The Galaxy Fit 3 also comes with a stylish case available in three colors: gray, silver, or pink gold. Whether you prefer a sleek and modern look or something bold and vibrant, there’s a color option to suit your style.

Galaxy A16 5G: The More Affordable Phone Option

But that’s not all – alongside the Galaxy Fit 3, Samsung is releasing another affordable device in the US market. Say hello to the Galaxy A16 5G phone!

What are the Key Features of the Galaxy A16 5G?

The Galaxy A16 5G boasts a range of impressive features, including:

• 6.7-Inch OLED Display: Enjoy vibrant colors and crisp visuals on the device’s large FHD Plus display.
• Up to 90Hz Refresh Rate: Experience smooth scrolling and seamless gameplay with the phone’s high refresh rate.
• Exynos 1330 Processor: Stay ahead of the game with this powerful processor that delivers fast performance and efficient battery life.
• 50MP Main Camera Sensor: Capture stunning photos and videos

Nvidia Aims to Stay at the Forefront of Artificial Intelligence Computing

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Nvidia Corp. Chief Executive Officer Jensen Huang announced a raft of new chips, software and services at the CES trade show in Las Vegas on Monday, aiming to stay at the forefront of artificial intelligence computing.

A Vision for a Future Tech World

The company wants its products to be the heart of a future tech world with a billion humanoid robots, 10 million automated factories, and 1.5 billion self-driving cars and trucks.

Interest in Nvidia’s Products Explodes

Interest in Nvidia’s products and Huang’s forecasts has exploded as companies rush to deploy new AI computing gear.

Tie-Ups with Toyota and MediaTek

Nvidia is launching an update to its GeForce GPUs, which were created with the same Blackwell design that the company uses in its AI accelerators. The new GeForce 50 series cards will take advantage of Blackwell’s capabilities to create even more realistic experiences for computer gamers.

A Glimpse into the Future of Technology

The company wants its products to be the heart of a future tech world with a billion humanoid robots, 10 million automated factories, and 1.5 billion self-driving cars and trucks.

Nvidia’s Products and Strategy

Huang outlined Nvidia’s products and strategy to his audience of hundreds for more than 90 minutes, including tie-ups with Toyota Motor Corp. and MediaTek Inc. that sent their shares more than 3% higher.

New GeForce GPUs

The new GeForce 50 series cards will take advantage of Blackwell’s capabilities to create even more realistic experiences for computer gamers.

Advances in AI Computing

While traditional graphics chips build an image by calculating the shade of each pixel in the picture, the new technology will lean more heavily on AI to anticipate what the next frame should look like.

GeForce GPUs: A Game-Changer for Gamers

‘GeForce allowed AI to reach the masses, and now AI is coming home to GeForce,’ Huang said during the presentation.

New RTX 5090 Model

The flagship RTX 5090 model will be available later this month for $1,999, with less powerful cards following later.

A Shift in Focus

As recently as 2022, gaming was Nvidia’s biggest source of sales. Now the chipmaker’s data center operation is far larger and on course to contribute more than $100 billion this year.

Data Center Operation

The next step is rolling out hardware and software to a larger swath of business and government agencies, helping diversify Nvidia’s revenue.

Nvidia’s Autonomous Driving AI Products

Huang announced that Toyota, the world’s biggest vehicle maker, is now a customer for Nvidia’s autonomous driving AI products and will use its Drive chips and software.

Toyota Shares Gain

Toyota shares in Tokyo extended gains after the announcement.

Extending AI into More of the Physical World

Extending AI into more of the physical world will transform industries worth $50 trillion, Nvidia said. But the move will also bring challenges.

Challenges Ahead

Robots and cars will require software that can handle real-life complexities in a safe way. The company has created Nvidia Cosmos to help make robots smarter and produce fully autonomous vehicles.

Nvidia Cosmos Technology

Cosmos technology is able to create video from inputs such as text. That video then becomes the basis of virtual training, helping reduce dependence on expensive and time-consuming real-world experimentation.

A Partnership with Uber Technologies Inc.

The company is equipping the small $3,000 device with a single Grace Blackwell Superchip – a combination of central processor and graphics semiconductor – working with a large chunk of memory and fast connectivity.

A New Machine for AI Developers

The new machines, developed in partnership with Taiwan’s MediaTek, will run a version of the Linux operating system and aren’t designed for everyday use. Instead, they’re meant to help AI developers work locally when either connecting to the cloud or using conventional computers isn’t practical or possible.

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At the Consumer Electronics Show (CES) 2025 in Las Vegas, Advanced Micro Devices, Inc. (AMD) is showcasing its latest Artificial Intelligence (AI) PC and graphics chips. The company has announced its new Ryzen AI Max, Ryzen AI 300, and Ryzen AI 200 central processing units (CPUs) for AI PCs, as well as high-powered chips for gaming desktops and laptops and handheld gaming systems.

Ryzen AI Max: High-Powered Laptops for Gamers and Content Creators

The Ryzen AI Max chips are designed specifically for high-powered laptops targeting gamers and content creators. AMD claims that these chips will feature up to 128GB of unified memory and a neural processing unit capable of up to 50 Trillion Operations Per Second (TOPS). TOPS is a general means of measuring a chip’s AI performance, with top manufacturers like AMD, Intel, Nvidia, and Qualcomm competing for market share by pushing the boundaries of this metric.

Competing with Rivals in the AI PC Space

The Ryzen AI Max chips will also come in a PRO series that features AMD PRO capabilities, including improved security and enterprise management functionality. This move sets AMD up to further compete with rivals Intel and Qualcomm in the still nascent AI PC space.

Ryzen AI 300 and AI 200: More Affordable Options for Consumers and Enterprise Customers

In addition to the Ryzen AI Max, AMD has also shown off its latest AI 300 and AI 300 Pro Series chips, including the Ryzen AI 7 350 and Ryzen AI 5 340. These chips are designed to run AI PCs for consumers and enterprise customers that don’t necessarily need the high-flying power of its AI Max processors.

Key Features of Ryzen AI 300 and AI 200

• Offer 50 TOPS of AI performance, allowing them to run AI applications such as Microsoft’s Copilot+ PC apps.
• Feature improved security and enterprise management functionality with AMD PRO capabilities.
• Designed for consumers and enterprise customers who don’t need the high-powered performance of Ryzen AI Max.

Ryzen 200: Affordable Option for Consumers

AMD has also debuted its Ryzen 200 and Ryzen 200 PRO Series chips for affordable consumer and enterprise laptops. Unlike the Ryzen AI Max and Ryzen AI 300 processors, however, the Ryzen 200 only offers 16 TOPS, which means they may not be able to run more advanced AI applications.

Gaming-Focused CPUs from AMD

Beyond its AI PC CPUs, AMD has also announced a slew of new gaming-focused CPUs for desktops, laptops, and handheld PCs. For hardcore PC gamers and content creators, there’s the Ryzen 9950X3D and Ryzen 9900X3D. Gamers looking for high-performance laptops get the new Ryzen 9000HX Series chips, which AMD says offer better temperature control, which can save on battery life.

Ryzen Z2 Series: Gaming Chips for Handheld PC Systems

Finally, the company revealed its Ryzen Z2 Series gaming chips for handheld gaming systems. Handheld PC systems are generally similar in size to Nintendo’s popular Switch console but run Windows or Linux-based operating systems and can play PC games.

Market Share and Competition

AMD’s announcements come as it seeks to steal greater market share from rival Intel and as Qualcomm continues to push into the PC market. Intel is on its heels as it works to complete an arduous turnaround effort, while Qualcomm remains a relatively small player in the PC space but shows promise when it comes to power and performance.

Conclusion

AMD’s move at CES 2025 sets the company up well for what could be a major chip market showdown in 2025. With its new Ryzen AI Max, Ryzen AI 300, and Ryzen AI 200 CPUs, AMD has solidified its position in the AI PC space. The introduction of gaming-focused CPUs and Ryzen Z2 Series chips for handheld PC systems also marks an exciting step forward for AMD.

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References

• AMD: www.amd.com
• Intel: www.intel.com
• Qualcomm: www.qualcomm.com
• Nvidia: www.nvidia.com

Introduction

We’ve just witnessed the mother of all startup dramas – the ousting of Sam Altman from his position at multi-billion-dollar startup OpenAI. But how do we know this drama unfolded in such a dramatic manner? Even Vanity Fair got in on the action. As someone who’s built companies, I can attest that honesty is crucial in any business relationship, especially when it comes to board communications.

The Importance of Honesty in Board Communications

As a founder, you’re likely aware that maintaining an open and honest relationship with your board is essential for your company’s success. But what exactly does this mean? In essence, it means being transparent and truthful in all interactions with the board. This includes sharing both good and bad news, as well as any challenges or concerns the company may be facing.

Why Honesty Matters

Honesty fosters trust, which is critical for a healthy and productive relationship between founders and their boards. When you’re transparent, you create an environment where the board feels comfortable approaching you with questions or concerns. This, in turn, enables better decision-making and ultimately contributes to the longevity and success of your business.

Consequences of Deception

Deception can have severe consequences for a company. Consider what happened with Theranos – its founder Elizabeth Holmes promised investors and her board that the company would revolutionize blood testing through its technology, which turned out to be entirely fake. The truth eventually came out, and Holmes is currently in jail after being convicted of misleading investors about the company’s technology.

Fostering Transparency

Maintaining transparency isn’t just about avoiding deception; it’s also about actively engaging in open and honest communication with your board. This includes:

• Regular updates: Whether through monthly reports or regular board meetings, keeping the board informed of the company’s progress, challenges, and plans helps create a culture of transparency.
• Board meetings as an opportunity for collaboration: The best CEOs run any major revelations past each of their board members in advance to keep the actual board meeting focused on leveraging their experience and advice to find solutions.

Managing a Board

Maintaining a healthy relationship with your board is a complex skill that startup founders must develop separately from other aspects of building a company. However, it’s an essential part of achieving success.

Best Practices for Managing a Board

• Communicate openly and honestly: Regular updates, transparent reporting, and open discussion are key to maintaining a positive relationship.
• Seek advice and input: The board is there to provide guidance and support; don’t be afraid to ask for help when needed.
• Foster trust: Be reliable, consistent, and fair in all interactions with the board.

Conclusion

The ousting of Sam Altman from OpenAI serves as a stark reminder of the importance of maintaining honest relationships with your board. By prioritizing transparency and open communication, you can build trust and create an environment where both the founder and board feel comfortable approaching each other with questions or concerns. This ultimately contributes to the longevity and success of your business.

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Stay up-to-date on the latest news and trends in the world of startups with TechCrunch.

Nuro Rolls Out Large-Scale Test Fleet of Driverless Vehicles

Nuro’s Shift in Strategy

Nuro, a pioneering autonomous vehicle technology startup, has announced the rollout of a test fleet of its driverless, passenger-less R3 vehicles across the Bay Area and Houston. This development comes two months after Nuro changed its business strategy to license its AV tech to automakers and mobility providers.

The large-scale demo aims to showcase Nuro’s technology to potential customers. The startup offers a two-fold approach: it sells automated driving products for passenger and commercial vehicles to Original Equipment Manufacturers (OEMs), while offering fully driverless technology, including hardware and software, to goods delivery and ride-hail companies.

A New Era of Testing

Nuro has raised over $2 billion from high-profile investors like Tiger Global Management and SoftBank Vision Fund. Initially, the startup planned to own and operate a fleet of low-speed, on-road delivery bots. It conducted delivery pilots with Domino’s and FedEx and still runs a small-scale delivery operation for Uber Eats.

The R3 robot was meant to be Nuro’s next-generation vehicle, and this year, it received approval from the California Department of Motor Vehicles (DMV) to expand testing. However, after multiple rounds of layoffs and cost-cutting measures failed to sustain its original business model, Nuro scrapped plans to mass-produce the vehicles.

Expanded Testing Domains

For the first time, Nuro will test its vehicles and autonomy stack at speeds of up to 35 miles per hour in Palo Alto and Mountain View, California, and Houston. The improved technology can now handle more complex driving scenarios, such as:

• Reacting to emergency vehicles
• Navigating construction zones
• Responding to school buses

Nuro’s Chief Operating Officer, Andrew Chapin, stated that this milestone marks a significant step towards building a scalable, safe, and cost-effective autonomy system. He noted that the test is "across a greatly expanded geography" and allows them to drive on all roads (excluding freeways) without the support of a safety driver.

The Future of Autonomous Vehicles

Nuro’s shift in strategy and the rollout of its test fleet signal a significant development in the autonomous vehicle industry. The startup’s focus on licensing its technology to OEMs and mobility providers highlights the growing demand for efficient and cost-effective autonomy solutions.

As Nuro continues to push the boundaries of driverless technology, it is clear that the company’s innovative approach will play a crucial role in shaping the future of transportation.

Nuro’s Vision

Rebecca Bellan, Senior Reporter at TechCrunch, has been following Nuro’s journey closely. She notes that the startup’s vision for a scalable and safe autonomy system is an exciting development for the industry.

Bellan’s background in journalism and history has equipped her with a unique perspective on the intersection of technology and society. Her work has appeared in various publications, including Bloomberg CityLab, The Atlantic, and Mother Jones.

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Appcharge: A New Alternative for Game Developers

As Apple and Google continue to battle with regulators and publishers over the monopolistic nature of their app stores, a startup called Appcharge has raised $26 million on a $100 million valuation to build an alternative platform for game developers. Appcharge sees itself as a kind of ‘Shopify’ for gaming, providing a platform for publishers to build their own sites for selling gaming currencies and other virtual goods directly to consumers.

A Solution to the Monopoly Concerns

Appcharge’s CEO and founder Maor Sason was motivated to start the company when working at his previous startup, Appush, a mobile gaming ads startup that he co-founded and led. Sason recognized the limitations of the current app store model, where developers are heavily reliant on Apple and Google for revenue distribution and have limited control over their own content.

The End-to-End Solution

Appcharge aims to provide an end-to-end solution for direct-to-consumer (D2C) sales, allowing users to come through various channels, including APK apps installed through third-party stores. This is in line with Sason’s vision of a future where users can access games and other digital content through multiple platforms.

The Funding and Market Trends

The funding round is notable given the current market trends for gaming startups. According to a report from Konvoy Ventures, the number of deals in the last quarter was down 14% on the quarter before, early-stage deals are at their lowest point in five years, and the overall market for gaming has only grown around 2% in the last year.

The Rise of Third-Party Stores

Apple introduced the App Tracking Transparency framework on iOS 14.5, which allows users to opt out from being tracked by advertisers on mobile. This has made it significantly harder and more expensive for apps to reach the right users. Additionally, browsers are blocking third-party cookies, making marketing attribution harder and more expensive.

The Growing Need for Alternatives

Higher Customer Acquisition Costs (CAC) mean less profitability for game developers. With more maneuverability around the app stores, a solution may be in sight. Creandum’s general partner Carl Fritjofsson writes, "This also coincides with the growing efforts of browsers to block third-party cookies, all of which serves to make marketing attribution harder and more expensive."

The Potential for Growth

Appcharge is positioned to complement other efforts in the gaming space. With its focus on D2C sales and its vision for a future where users can access games through multiple platforms, the company has the potential to tap into the growing demand for alternatives to traditional app stores.

Conclusion

Appcharge’s $26 million funding round is a significant development in the gaming industry, providing a new alternative platform for game developers. With its focus on D2C sales and its vision for a future where users can access games through multiple platforms, Appcharge has the potential to tap into the growing demand for alternatives to traditional app stores.

Key Players

• Appcharge: A startup that provides a platform for publishers to build their own sites for selling gaming currencies and other virtual goods directly to consumers.
• Creandum: An investment firm that participated in Appcharge’s funding round.
• Apple: The company behind the App Store, which has been criticized for its monopolistic nature.
• Google: The company behind the Google Play Store, which has also faced criticism for its monopolistic practices.

Glossary of Terms

• D2C (Direct-to-Consumer): A sales model where companies sell their products or services directly to consumers, often through online channels.
• App Store: A digital distribution platform for mobile apps, operated by Apple and Google.
• Customer Acquisition Costs (CAC): The cost of acquiring a new customer, including marketing expenses and other costs.

Related Topics

• Gaming: The industry that Appcharge operates in, which includes the development and sale of video games.
• Mobile Games: A subcategory of gaming that refers to games played on mobile devices.
• Virtual Currency: A type of digital currency used in online games or other virtual environments.

Here is a rewritten version of the article in a neutral and engaging tone:

The Tesla Cybertruck: A Comprehensive Guide

Tesla’s highly anticipated Cybertruck has finally arrived, but with it comes a host of questions and concerns. As we dive into the details, one thing is clear: this electric pickup truck is a game-changer. But what does it mean for the environment, drivers, and the future of transportation?

Design and Features

The Cybertruck boasts an impressive design, with a stainless steel body that’s both durable and resistant to corrosion. Its unique shape has sparked debate among critics and enthusiasts alike, but one thing is certain: this truck means business.

With three different trim levels – Single Motor, Dual Motor, and Tri Motor – the Cybertruck offers something for every driver. Each model comes with its own set of features, including a range of up to 500 miles, a top speed of 150 mph, and advanced safety features like Autopilot.

Environmental Impact

Electric vehicles (EVs) are generally better for the climate than their gas-guzzling counterparts, but they’re not without their environmental drawbacks. The Cybertruck is no exception, requiring lithium mining and releasing tire particles into the air. However, Tesla has made a commitment to sustainability, and the company’s goal of achieving carbon neutrality by 2030 is ambitious.

Size and Weight

The Cybertruck’s size and weight have raised red flags among experts, who warn that extra-large vehicles require more energy and thus more battery materials. This not only drives up environmental costs but also makes them less safe for everyone on the road – especially pedestrians.

Comparison to Other Teslas

So how does the Cybertruck stack up against other Tesla models? In terms of range, it falls short of the Model S and Model X, but its unique design and features set it apart. But what about electric pickups from competitors like Ford or GMC?

Future Updates and Releases

We can expect more updates and details to emerge in the coming months. When will Tesla release the cheaper, single-motor Cybertruck variant promised back in 2019? Will other manufacturers follow suit with their own electric pickup trucks?

Stay tuned for our ongoing coverage of the Cybertruck and its implications for the transportation industry.

Key Takeaways:

• The Cybertruck is a game-changing electric pickup truck with advanced features and a unique design.
• Electric vehicles have environmental drawbacks, but Tesla’s commitment to sustainability is ambitious.
• The Cybertruck’s size and weight raise concerns about energy consumption and safety.
• We’ll be keeping a close eye on updates and releases from Tesla and other manufacturers.

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In an effort to counteract the impact of their pollution on the climate, Google and other big companies have invested in a plan to trap carbon dioxide using rocks. This initiative involves a Sheryl Sandberg-backed startup called Terradot, which has recently announced multimillion-dollar deals with several companies, including Google, H&M Group, and Salesforce.

Multimillion-Dollar Deals with Terradot

The collective agreements between these companies and Terradot amount to $27 million, with the goal of removing 90,000 tons of carbon dioxide from the atmosphere. The deals were brokered by Frontier, a carbon removal initiative led by Stripe, Google, Shopify, and McKinsey Sustainability.

Separately, Google announced its own deal with Terradot to purchase an additional 200,000 tons of carbon removal. While the company declined to disclose the cost of this deal, it is reportedly similar to the Frontier agreement, which would put the price at around $300 per ton of CO2 captured. If this estimate holds true, Google’s larger deal could be worth up to $60 million.

The Significance of Enhanced Rock Weathering

According to Oliver Jagoutz, a professor of geology at MIT, enhanced rock weathering (ERW) is a relatively low-tech tactic for taking carbon dioxide out of the atmosphere. ERW attempts to speed up a natural process that might otherwise take thousands of years by crushing rocks and spreading them over a large area, increasing the surface area exposed to CO2.

Terradot’s approach involves using basalt from quarries in southern Brazil to create finely-ground rock that can be used as fertilizer on nearby farms. The company has partnered with Brazil’s agricultural research agency (EMBRAPA) to use this strategy on more than one million hectares of land, allowing for the capture of significant amounts of CO2.

The Challenges and Limitations of Carbon Removal

While carbon removal is seen as a potential tool for slowing climate change by trapping some of the pollution already released into the atmosphere, there are still concerns about its costs, safety, and potential to delay a transition from fossil fuels to carbon-pollution-free energy. Experts emphasize that carbon removal should not be used as a substitute for preventing greenhouse gas emissions in the first place.

Terradot has a 2029 deadline to meet its obligation of removing 90,000 tons of CO2 under the Frontier deal, and it plans to capture an additional 200,000 tons for Google by the early 2030s. However, experts caution that accurately measuring how much CO2 is actually captured through enhanced rock weathering remains a significant challenge.

The Uncertainty Surrounding Enhanced Rock Weathering

According to Jagoutz, determining how much calcium, magnesium, and bicarbonate make it to the ocean to permanently sequester CO2 is still an outstanding question. Fertilizer in the soil can also potentially limit how much carbon is captured through enhanced rock weathering.

The Importance of Carbon Removal as a Supplemental Measure

While Google’s commitment to removing 200,000 tons of CO2 through enhanced rock weathering is significant, it represents only a small fraction of the company’s overall carbon footprint. Last year, Google was responsible for releasing 14.3 million metric tons of carbon dioxide pollution into the atmosphere.

Kanoff emphasizes that carbon removal should be seen as an attempt to counteract some of a company’s legacy of pollution while making the transition to clean energy. "It’s very clear that this is not a substitute for emissions reductions at all," he says. "We need both of these tools."

A Holistic Approach to Addressing Climate Change

Google’s investment in carbon removal through enhanced rock weathering highlights the importance of taking a holistic approach to addressing climate change. While clean energy and emissions reduction are critical, carbon removal can serve as a supplemental measure to help mitigate the impact of existing pollution.

Additional Reading

• Google’s future data centers will be built next to solar and wind farms
• Google inks nuclear deal for next-generation reactors
• Carbon dioxide emissions from fossil fuels are already making heatwaves, droughts, wildfires, storms, and other climate disasters more dangerous.

This week, we’re looking at Payoneer’s $61 million acquisition of Skuad, Robinhood and Dave’s second-quarter results, X’s progress on its payments system, and more. To get a roundup of TechCrunch’s biggest and most important fintech stories delivered to your inbox every Tuesday at 8:00 a.m. PT, subscribe here.

The Big Story

Last week, I got the scoop on publicly traded fintech Payoneer acquiring Singaporean startup Skuad for $61 million in cash, with the potential to pay up to $81 million. This was a pretty fast exit for Skuad founder Sundeep Sahi, who launched the company in 2019 with the aim of simplifying international hiring and had raised $19 million in venture funding.

Both Payoneer and Skuad are geared toward SMBs that operate internationally, particularly in emerging markets. Notably, rather than build out the tech itself, Payoneer decided to acquire Skuad and integrate its payroll and contract management products into its own offering.

Analysis of the Week

A couple of publicly traded fintechs posted strong results last week:

• Robinhood beat its second-quarter earnings expectations, posting 40% higher revenue of $682 million. Citizens JMP director of financial technology research Devin Ryant told Yahoo Finance that Robinhood had an ‘outstanding quarter’ that also saw ‘great profitability’ and new net deposits surge by 40%.
• Dave, a neobank, has 2.3 million paying members, 31% higher revenue of $80.1 million with $15.2 million of EBITDA. CEO Jason Wilk shared that CAC (customer acquisition cost) is down 26% year-over-year to $15.

When public fintechs are notching such strong numbers, that can bode well for their private counterparts.

Dollars and Cents

CloudPay, a joint venture in 1996 providing payroll and payments services to enterprises, has announced its acquisition of Skuad. The move is expected to expand CloudPay’s offerings in the SMB market and strengthen its position in the international HR space.

This deal demonstrates the growing importance of fintech solutions for small businesses and highlights the increasing competition among providers.

Topics

• Fintech
• TechCrunch Fintech

Mary Ann Azevedo, Senior Reporter, Fintech

http://www.twitter.com/bayareawriter

Mary Ann Azevedo has more than 20 years of business reporting and editing experience for publications such as FinLedger, Crunchbase News, Crain, Forbes, and Silicon Valley Business Journal. Prior to joining TechCrunch in 2021, she earned numerous awards including the New York Times Chairman’s Award and others for breaking news coverage.

She holds a Master’s degree in journalism from the University of Texas in Austin, where she currently lives.

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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.

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.

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