KoBold Metals, a Berkeley-based mining startup, has raised $537 million in its Series C funding round, reaching a valuation of $2.96 billion. Backed by Bill Gates and Jeff Bezos, the company is leveraging artificial intelligence to secure critical minerals essential for the global energy transition.

This funding round was co-led by T. Rowe Price and Durable Capital Partners, with participation from existing investors like Gates’ Breakthrough Energy Ventures and Andreessen Horowitz. New investors, including StepStone, also joined the round, reflecting strong confidence in KoBold’s mission to revolutionize mineral exploration.

KoBold uses advanced AI, including OpenAI's generative technology, to analyze historical and scientific data, identifying untapped mineral resources. In February, the company announced the discovery of a massive copper deposit in Zambia. Valued at $2 billion, the Mingomba site is projected to produce 300,000 tonnes annually starting in the 2030s.

CEO Kurt House revealed that 40% of the newly raised capital will be allocated to developing existing projects, with the Zambian copper site receiving the largest share. KoBold also plans to expand its operations to at least three new regions, including Finland, Botswana, and Canada, where lithium mining holds promising potential.

KoBold’s growth aligns with western governments’ efforts to reduce dependency on China for critical minerals. The company is collaborating with mining majors like BHP and Rio Tinto and benefiting from U.S. initiatives such as financing the Lobito railway line to enhance mineral transportation across Africa.

Despite political shifts, House remains optimistic about bipartisan support for critical mineral supply diversification, calling it a "national security priority." The company aims to continue hiring data scientists and geoscientists while exploring the possibility of going public within five years.

Carmichael Roberts of Breakthrough Energy Ventures described KoBold’s AI-driven strategy as pivotal in achieving a "secure, affordable, and clean energy future for all."

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