Mining startup backed by Bill Gates and Jeff Bezos raises $537 million, aims to go public within a few years

Kobold Metalsan AI-powered mining startup powered by Bill Gates and Jeff BezosIt has secured $537 million in a Series C funding round. The latest funding round gives the Berkeley-based company a valuation of $2.96 billion and new capital to pursue ambitious goals for the future. Biomineral sector.

Solid Capital Partners LP and T. Rowe Price Funds led the round, along with contributions from existing investors such as Growth of Andreessen Horowitz, Energy breakthrough projectsand Mitsubishi Corporationas well as new players such as Stepstone Collection and WCM Investment Management.

This latest injection brings KoBold’s fundraising total to $1 billion. These funds will accelerate exploration and development of high-potential projects and enhance research and development capabilities.

KoBold’s innovative approach relies on artificial intelligence to locate critical mineral deposits such as copper, cobalt, lithium and nickel. The company’s technology aggregates data from sources such as satellite images and historical drilling reports to create detailed “Google maps” of the Earth’s crust, identifying untapped resources that traditional methods might miss.

Using this technology, Kobold A Large copper deposits In the copper belt of Zambia. the Dumbwa Goal, part of Solwezi The project has shown promising results, including drilling 16 meters at 1.24% copper. Kobold $2 billion Mingumba The site is scheduled to produce at least 300,000 tonnes per annum by 2030, making it the largest copper operation in Zambia.

“About 40% of the new capital will go towards developing existing projects into production, with Zambia taking the lion’s share,” KoBold CEO and Co-Founder. Court House He said For the Financial Times.

With 60 active projects across continents, including partnerships with mining giants such as BHP and Rio TintoThe company is ready to transform the industry. House noted that they plan to aggressively expand the team, particularly looking for data scientists, while expanding into new jurisdictions such as Finland and Botswana. The company also aims to go public within three to five years.

Despite the changes in US political leadership, the House of Representatives expressed confidence in bipartisan support for critical minerals initiatives. “There is very broad bipartisan support for diversification [the] “Vital mineral supplies because this is a national security priority,” he said.

American foreign policy helps companies like Kobold. president Joe Biden Last official trip To Angola discuss revitalization Lobito A railway to facilitate the transport of minerals through Angola, Zambia and the Democratic Republic of the Congo. Thus, companies like Kobold will benefit from better infrastructure while enhancing the West’s access to strategic resources and reducing dependence on Chinese-dominated supply chains.

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