Imagine a company combining cutting-edge AI with a mission to reshape the world’s mineral supply chain—and getting billionaires like Bill Gates and Jeff Bezos to back it. That’s KoBold, a U.S.-based mining startup that’s just raised a staggering $537 million in its latest funding round. This massive investment now values the company at nearly $3 billion!
Who’s Backing KoBold?
This round of funding wasn’t just big; it was a star-studded affair. Heavy-hitting investors like Durable Capital Partners LP and T. Rowe Price co-led the effort, with big names such as Andreessen Horowitz and Breakthrough Energy Ventures (yep, the one supported by Bezos and Gates) jumping in. Plus, new players like StepStone added their cash to the pot.
What’s KoBold All About?
KoBold is on a mission to challenge China’s dominance in the global mineral supply chain. How? By using AI magic to hunt for hidden treasure—metals like copper, lithium, and nickel that power everything from smartphones to electric vehicles. Their secret weapon includes tools like OpenAI’s generative AI, which sifts through mountains of historical and scientific data to pinpoint where these valuable deposits might be hiding.
As KoBold CEO Kurt House puts it, their mission is to “expand and diversify the global supply of critical resources essential for prosperity, energy technology, AI, and security.”
A Billion Dollars and Counting
With this latest cash injection, KoBold has raised over $1 billion to date—all aimed at reshaping the mining game. Their latest discovery? A massive copper deposit in Zambia, announced last February. The planned mine is expected to produce at least 300,000 tons of copper annually, with a projected value of $2 billion!
What’s Next for KoBold?
This new funding will fuel even more exploration projects and ramp up research and development. KoBold is laser-focused on finding more “high-potential projects” like their Zambian copper mine, driving the world closer to a sustainable energy future.
Why It Matters
The U.S. heavily relies on China for critical metals, but companies like KoBold are paving the way for a more diverse and secure supply chain. Investors like Henry Ellenbogen of Durable Capital Partners LP believe this is just the beginning. “KoBold shows how the combination of scientific excellence and AI can enable the discovery of critical metals for the global energy transition,” he said.
KoBold isn’t just about mining; it’s about making a lasting impact on global technology and security. With its unique blend of AI innovation and billionaire backing, the company is ready to rewrite the rules of the game.