High-Tech Mining's Big Bet: KoBold Raises Massive Funds

Ever heard of KoBold? This US mining startup just snagged a massive $537 million in funding, making its total investments soar to $1 billion. Backed by heavyweights like Bill Gates and Jeff Bezos, KoBold is on a mission to shake up the mining world. The latest round was co-led by Durable Capital Partners LP and T. Rowe Price, placing the company's value at a whopping $2. 96 billion. So, what's the big deal? KoBold uses artificial intelligence, specifically OpenAI’s generative AI, to dig through old and new data to find prized mineral deposits. They've already struck gold, or copper rather, in Zambia, southern Africa. This discovery alone promises to produce 300, 000 tons of copper annually from a $2 billion mine.The goal? To chop down China's dominance in the mineral market. The US relies heavily on China for metals like copper, lithium, and nickel, which are crucial for tech like mobile phones, data centers, and electric vehicle batteries. "KoBold's aim is to expand and diversify the global supply of critical resources for tech, energy, AI, and security, " CEO Kurt House announced. The new funds will fuel more exploration projects and beef up research, hopefully finding more valuable minerals. Both Gates' Breakthrough Energy Ventures and Bezos' support show how tech giants are betting big on AI to revolutionize mining. Henry Ellenbogen, from Durable Capital Partners LP, praised KoBold’s blend of science and AI for discovering essential metals for the global energy shift.