KoBold Metals Secures $537M Series C Funding to Accelerate Critical Mineral Exploration with AI

Berkeley-based startup KoBold Metals, backed by high-profile investors like Bill Gates and Jeff Bezos, has raised $537 million in its Series C funding round. This latest investment brings KoBold’s valuation to $2.96 billion, marking a significant step forward in its mission to secure critical minerals essential for the global energy transition.

The funding round was co-led by T. Rowe Price and Durable Capital Partners, with participation from existing investors such as Breakthrough Energy Ventures and Andreessen Horowitz. New backers, including StepStone, also joined the round, contributing to the company’s total capital raised of $1 billion to date.

KoBold’s innovative approach uses AI, including generative AI technologies from OpenAI, to analyze historical and scientific data, identifying untapped mineral deposits. Earlier this year, the company announced a significant copper discovery in Zambia, with the $2 billion Mingomba site expected to yield at least 300,000 tonnes annually starting in the 2030s.

Approximately 40% of the newly raised funds will be allocated to advancing existing projects into operational mines, with the Zambian copper project receiving a major share of the investment. The company also plans to expand its global footprint by adding operations in Finland, Botswana, and Canada, focusing on critical minerals like lithium.

KoBold’s efforts align with global priorities to diversify mineral supply chains away from reliance on China. The startup has partnered with industry giants like BHP and Rio Tinto and collaborates on projects such as the US-backed Lobito railway line in Africa, which will facilitate the transport of critical minerals across the region.

Kurt House, KoBold’s co-founder and CEO, emphasized the bipartisan support for critical mineral diversification in the US, framing it as a national security imperative. Despite potential shifts in US administration policies, House expressed confidence in the continued backing for projects that bolster the supply of minerals critical to electric vehicles and clean energy technologies.

With plans to go public within the next three to five years, KoBold is poised for aggressive hiring, expanding its teams with data scientists and geoscientists to explore new deposits. David George, general partner at Andreessen Horowitz, lauded the company’s innovative approach, noting its unmatched capabilities in the modern mining landscape.

Carmichael Roberts of Breakthrough Energy Ventures highlighted the broader impact of KoBold’s AI-driven exploration, stating that it paves the way for a more secure, sustainable, and affordable energy future.

This funding milestone further cements KoBold Metals’ position as a leader in AI-powered mineral exploration, addressing the pressing demand for critical resources vital to the global energy transition.