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KoBold used AI for finding the copper, all the now investors piling into the tune of $537M

The new funding round was led by the durable capital partner and T. Rowe Price. That will be used for expanding the company’s exploration efforts on the five continents and developing a massive size of copper deposits in Zambia. This funding pushed KoBold’s valuation to $2.96 billion.

The final closing of the round netted the company $10 million which is more than it initially expected to raise. Few industries are as ripe for technology disruption as mining. The business is pretty risky and it only has about three in every 1,000 potential deposits which are also commercially viable.

KoBold was founded in 2018 and they use AI to comb through massive geological datasets. The company’s decision to develop the Zambia resources is estimated among the largest found. It also suggests that the approach could pay off handsomely.

The critical minerals grew in importance in recent years as the United States and China also closed over supplies. China already banned the shipment of antimony, gallium, and germanium to the US.

Andreessen Horowitz, Breakthrough Energy Ventures, Standard Investments, Bond, Equinor, Earthshot VC, July Fund, StepStone, Mitsubishi, and WCM Investment Management were also experienced in the round. Previous investors include big names like Bill Gates, Jeff Bezos, and Jack Ma.

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