| KoBold Metals, a startup using machine learning to mine metal deposits needed for EV batteries and more, has achieved a unicorn $1.15B valuation through a $195M funding round led by T. Rowe Price. The WSJ and Axios first reported the news. - The mining startup has constructed an Earth's layers database and employs algorithms to forecast mineral deposits' locations.
- Its focus is on cobalt, copper, nickel, and lithium.
- AI helps KoBold determine what publicly available data to collect, where to acquire land, and where to drill.
- It
tech gathers and analyzes data streams, such as satellite imagery and
drilling history, to determine geological patterns and predict where
deposits might be located.
- The
round included investments from notable names like Andreessen Horowitz,
Breakthrough Energy Ventures (backed by Bill Gates and Jeff Bezos), and
BOND.
- The fundraising will support KoBold's development of
acquired copper reserves in Zambia, as well as nickel and lithium
exploration projects and R&D for software and hardware.
- The
Berkeley-based company currently invests around $100M annually in over
60 exploration projects spanning North America, Africa, and Australia.
- KoBold last closed a $192.5M Series B in February 2022.
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