KoBold, a U.S.-based mining startup, has successfully raised $537 million in its latest funding round, the company announced. The round, co-led by Durable Capital Partners LP and T. Rowe Price, brings KoBold’s valuation to $2.96 billion. Other notable investors, including Andreessen Horowitz, Breakthrough Energy Ventures, and StepStone, also participated in the funding.
The company, which has raised a total of $1 billion to date, plans to use the new capital to support its efforts in transforming mineral exploration. KoBold leverages advanced artificial intelligence (AI), including tools from OpenAI, to analyze vast amounts of historical and scientific data in the search for valuable mineral deposits. These efforts aim to diversify and strengthen the global supply chain for critical minerals such as copper, lithium, and nickel—key materials used in electronics, data centers, and electric vehicle batteries.
KoBold CEO Kurt House emphasized the company’s mission to “expand and diversify the global supply of critical resources essential for prosperity, energy technology, AI, and security.” As part of its growth strategy, the startup plans to fund new exploration initiatives and accelerate research and development efforts.
A significant part of KoBold’s focus is on high-potential projects, including a major copper deposit in Zambia, which the company discovered last year. The Zambian mine is expected to produce over 300,000 tons of copper annually, with an estimated project value of $2 billion.
Henry Ellenbogen, managing partner at Durable Capital Partners LP, highlighted KoBold’s innovative approach, stating that “the combination of scientific excellence and AI can enable the discovery of critical metals for the global energy transition.”
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