KoBold closes Series C round for copper mining in Zambia
KoBold Metals, a company specializing in using AI for mineral exploration, has successfully closed a $537 million Series C funding round, which will aid in the development of a large copper deposit in Zambia and expand exploration efforts across five continents.
The round was led by Durable Capital Partners and T. Rowe Price, pushing KoBold’s valuation to $2.96 billion—an increase of $10 million beyond its initial fundraising target. Founded in 2018, KoBold utilizes artificial intelligence to analyze geological datasets, aiming to significantly improve the success rate of identifying commercially viable mineral deposits. This innovative approach addresses the high-risk nature of traditional mining exploration, where only 0.3% of potential deposits prove viable.
Demand for critical minerals
The decision to advance the Zambian copper project, which KoBold estimates to be among the largest deposits discovered, underscores the success of its technology and its potential to transform the industry.
The demand for critical minerals, vital for the clean energy transition and technological industries, has increased amid geopolitical tensions. The U.S.-China conflict over resource control highlights the strategic importance of discoveries like KoBold’s.
The round featured prominent participants such as Andreessen Horowitz, Breakthrough Energy Ventures (founded by Bill Gates), and Earthshot VC, with earlier backers including Jeff Bezos and Jack Ma. KoBold’s AI-driven methodology has the potential to disrupt traditional mining practices, paving the way for more efficient and successful mineral discovery processes.
The funding will support KoBold’s ambitious goals of expanding operations, securing critical resources for the clean energy transition, and solidifying its role as a leader in technology-driven mineral exploration.
