Rare Earth Exchanges

Billionaires Gates and Bezos Back Rare Earths: $537m Raised by California – based KoBold Metals

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Highlights

  • KoBold Metals raised $537 million in Series C funding, valuing the company at $2.96 billion.
  • Investors include Bill Gates and Jeff Bezos.
  • The startup uses AI-driven technology to discover and map critical minerals like copper, lithium, and nickel for the clean energy transition.
  • The funding will support KoBold’s Zambian copper projects, including the $2 billion Mingomba project, set to be the country’s largest copper operation by 2030.

KoBold Metals (opens in a new tab), a California-based mining startup leveraging artificial intelligence (AI) for mineral exploration, has raised $537 million in its latest Series C funding round, valuing the company at $2.96 billion. Major backers include high-profile investors such as Bill Gates, through Breakthrough Energy, and Jeff Bezos, alongside Andreessen Horowitz Growth, Mitsubishi Corporation, and new entrants Durable Capital Partners and T. Rowe Price funds. KoBold’s AI-driven approach aims to revolutionize the search for critical minerals like copper, lithium, and nickel, essential for the energy transition.

The funding will support KoBold’s ambitious plans, including advancing its Zambian copper projects and developing its flagship $2 billion Mingomba project (opens in a new tab), slated to be the country’s largest copper operation by 2030.

Gates’ and Bezos’ involvement signals strong confidence in the company’s ability to address supply chain challenges in the clean energy sector, emphasizing its strategic significance. KoBold’s innovative use of data analytics to map Earth’s crust offers a cutting-edge alternative to traditional geological methods, potentially uncovering untapped resources worldwide.

While the investment highlights KoBold’s disruptive potential, questions remain about the scalability of its AI model and the feasibility of meeting its ambitious production targets. The growing funding of this venture raises the stakes for the global race to secure battery metals, underscoring KoBold’s growing role in shaping the critical minerals landscape.

The Company

KoBold Metals was founded in 2018 by Jeff Jurinak, Josh Goldman, and Kurt Zenz House. The company is headquartered in Berkeley, California.  KoBold Metals is a privately held mining company that uses AI to help discover materials critical for electric vehicles and renewable energy: 

The venture has collaborated with BHP and BlueJay Mining to explore critical minerals in Greenland. KoBold Metals has now raised $537 million, including a $192.5 million Series B in February 2022. The company is not publicly traded and cannot be accessed on major public exchanges such as NASDAQ or NYSE. However, accredited investors can invest in KoBold Metals through secondary marketplaces such as Hiive.

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