KoBold Metals Raises $537 Million to Accelerate AI-Driven Mineral Exploration
KoBold Metals, a Berkeley-based mining and artificial intelligence (AI) start-up backed by Bill Gates and Jeff Bezos, has raised $537 million in its latest funding round.
This Series C round values the company at $2.96 billion and was co-led by existing investor T. Rowe Price and Durable Capital Partners. Other participants included Gates’ Breakthrough Energy Ventures, Andreessen Horowitz, and new backers like StepStone.
With total funding of $1 billion to date, KoBold is positioning itself as a leading competitor in the critical minerals sector, challenging China’s dominance.
The company specializes in metals like copper, lithium, and nickel, essential for technologies ranging from electric vehicle batteries to defense systems.
KoBold employs advanced AI, including OpenAI’s generative technology, to analyze historical and scientific data, identifying untapped mineral deposits.
In February, the company announced the discovery of a substantial copper deposit at the $2 billion Mingomba site in Zambia. Projected to produce 300,000 tonnes annually by the 2030s, this project will receive the majority of the new funding.
KoBold plans to expand its operations to at least three additional countries, including Finland, Botswana, and Canada, where it sees promising opportunities for lithium mining.
According to co-founder and CEO Kurt House, approximately 40% of the newly raised capital will be allocated to advancing existing projects into full-scale mines.
KoBold’s efforts align with growing global interest in securing critical mineral supplies for the energy transition. The US government is financing infrastructure projects like the Lobito railway line, which will transport minerals across the Democratic Republic of Congo, Zambia, and Angola.
House highlighted bipartisan political support in the US for diversifying critical mineral supplies, citing national security as a driving factor.
Despite potential shifts in policy under incoming President Donald Trump, House expressed confidence in continued support for KoBold’s mission.
KoBold plans to expand its workforce by hiring data scientists and geoscientists to bolster its exploration capabilities. The company is expected to go public within three to five years.
Its innovative approach has drawn significant interest from major mining companies. KoBold has an exploration partnership with BHP in Western Australia and is collaborating with Rio Tinto. Andreessen Horowitz partner David George noted that KoBold has no clear modern competitor in its niche.
Carmichael Roberts, managing partner at Breakthrough Energy Ventures, emphasized the potential of KoBold’s AI-driven exploration to create a more secure, affordable, and sustainable energy future.
With its strategic partnerships and technological edge, KoBold Metals is poised to redefine mineral exploration and play a pivotal role in the global energy transition.
