KoBold Metals Secures $491M Funding to Leverage AI in Discovering Essential Minerals for Energy Transition

Earlier this year, KoBold Metals made a groundbreaking discovery, unveiling what could be one of the largest high-grade copper deposits ever found. This deposit has the potential to yield hundreds of thousands of metric tons annually, according to the company’s CEO.

Now, just eight months later, KoBold is on the verge of raising over half a billion dollars to advance the development of this significant copper resource and its numerous other exploration projects, which number in the dozens.

The mineral discovery startup has successfully raised $491 million of its targeted $527 million funding round, as reported in an SEC filing. In its previous funding round, which raised $195 million, KoBold was valued at $1 billion post-money, according to PitchBook. For the current funding round, the startup aims for a valuation of $2 billion.

While the company did not respond immediately to inquiries, it is known for utilizing artificial intelligence to process vast amounts of data in its quest to locate mineral deposits that support the global energy transition. Alongside copper, KoBold also seeks lithium, nickel, and cobalt.

Initially focused solely on discovery, KoBold recognizes that mineral prospecting has historically been a risky venture, with only about three successful finds for every 1,000 exploration attempts. The company believes AI can enhance success rates by identifying valuable trends in the data.

With its substantial copper deposit located in Zambia, KoBold appears poised to deliver on its ambitious goals. The company is currently managing around 60 other exploration projects and has announced a strategic shift to develop the Zambian resource itself, which is projected to cost approximately $2.3 billion.

Notable investors in KoBold include figures such as Bill Gates, Jeff Bezos, Jack Ma, Andreessen Horowitz, and Breakthrough Energy Ventures.