A pioneering mining and artificial intelligence startup, backed by tech billionaires Bill Gates and Jeff Bezos, has secured an impressive £537 million in its latest funding round, propelling the company’s valuation to £2.96 billion. The Berkeley-based KoBold Metals is positioning itself as a crucial player in the critical minerals sector, essential for the global energy transition.
The Series C funding round was co-led by existing investor T Rowe Price, alongside newcomer Durable Capital Partners. The investment roster includes continued support from Gates’ Breakthrough Energy Ventures and Andreessen Horowitz, with private capital group StepStone joining as a fresh investor. The company’s total funding now stands at £1 billion.
KoBold Metals distinguishes itself through its innovative use of AI technology, including OpenAI’s generative AI systems, to analyse historical and scientific data for identifying untapped mineral deposits. The company recently announced the discovery of a significant copper deposit in Zambia, with the £2 billion Mingomba site expected to produce 300,000 tonnes annually from the 2030s.
Chief Executive Kurt House revealed that approximately 40% of the new capital would be allocated to developing existing projects, with the Zambian copper venture receiving primary focus. The company’s expansion plans include ventures into Finland, Botswana, and Canadian lithium mining operations.
Despite potential political shifts in the US, House expressed confidence in continued bipartisan support for critical minerals diversification, citing national security priorities. The company maintains strategic partnerships with mining giants BHP and Rio Tinto, with plans for an initial public offering within three to five years.
Carmichael Roberts, managing partner at Breakthrough Energy Ventures, emphasised KoBold’s potential to revolutionise mineral exploration through AI-driven approaches, supporting the global transition towards clean energy solutions.
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