KoBold Metals, a mining startup that leverages artificial intelligence (AI) to locate mineral deposits, has raised $537 million in its Series C funding round. The investment will support the company’s ambitious plans to develop a significant copper mine in Zambia and expand its exploration efforts across five continents.
The Series C round, led by Durable Capital Partners and T. Rowe Price, pushed KoBold’s valuation to an impressive $2.96 billion, as reported bythe Financial Times. The company raised $10 million more than initially expected, demonstrating robust investor confidence. This funding will be instrumental in furthering the company’s innovative mining approach, which combines AI-driven exploration with a focus on critical minerals.
KoBold, founded in 2018, has adopted cutting-edge AI technology to sift through extensive geological data, enhancing its ability to identify commercially viable deposits. The company’s focus on the massive copper deposit in Zambia — considered one of the largest in recent history — highlights the potential rewards of its data-driven strategy. As mining remains an inherently risky industry, AI’s role in improving success rates could significantly disrupt the sector.
The mining industry has long been known for its high-risk, low-return nature, with only a fraction of discovered deposits being commercially viable. However, as the demand for critical minerals intensifies amid geopolitical tensions, especially between the U.S. and China, KoBold’s AI-powered approach is positioned to capitalize on this growing market. China’s recent restrictions on key minerals like lithium and gallium further underscore the importance of securing reliable mineral sources.
This new funding will allow us to take our AI-driven exploration to the next level, said a KoBold spokesperson.
We’re on track to develop a resource that could be pivotal for global mineral supply chains.
With backing from major investors, including Andreessen Horowitz, Breakthrough Energy Ventures, and notable figures like Bill Gates, Jeff Bezos, and Jack Ma, KoBold Metals is poised for significant growth. The company’s exploration and development of the Zambia copper deposit could set a new standard for innovation in the mining industry.