Exclusive: KoBold Metals, which uses AI to help find critical minerals for the energy transition, raises $491M
Summary
Earlier this year, KoBold Metals found what might be one of the largest high-grade copper deposits of all time, with the potential to produce hundreds of thousands of metric tons per year, the companys CEO said.Now, just eight months later, KoBold is close to raising over half a billion dollars. The funding should help the company develop the massive copper resource while moving forward on its other exploration projects, which number in the dozens.The mineral discovery startup has already raised $491 million of a targeted $527 million round, according to an SEC filing. Its previous round of $195 million valued the company at $1 billion post-money, according to PitchBook. The startup is reportedly aiming for a $2 billion valuation for the current round.The company did not immediately reply to questions.KoBold uses artificial intelligence to sift through enormous amounts of data in a quest to find mineral deposits that can help drive the energy transition. The company has about 60 other exploration projects underway, and in a strategic shift, KoBold has said it intends to develop the Zambia resource itself, an undertaking that reportedly will cost around $2.3 billion.