Image source:KoBold Metals
Earlier this year, KoBold Metals discovered what may be one of the largest high-grade copper deposits ever discovered, which is expected to produce hundreds of thousands of tons per year, the company's CEO said.
Now, just eight months later, KoBold is close to raising more than half a billion dollars. This funding will help the company develop its vast copper resources while advancing dozens of otherExploration projects.
The mineral discovery startup has raised $491 million and is targeting a $527 million funding round, according to an SEC filing. A previous $195 million funding round valued the company at $1 billion post-funding, according to PitchBook. The startup is reportedly looking to reach a $2 billion valuation in the current funding round.
The company did not immediately respond to questions.
KoBold utilizes artificial intelligence to sift through massive amounts of data to find deposits that can drive the energy transition. In addition to copper, the company also looks for lithium, nickel and cobalt.
Initially, the company focused on discovery. The process of finding minerals has historically been risky. The rule of thumb is that only about three out of every 1,000 attempts to find a mineral deposit are successful, and KoBold is betting on artificial intelligence to be able to parse the data and spot trends to improve the success rate.
With Zambia's huge copper reserves, Kobold seems to be making good on its early promises. The company now has about 60 other exploration projects underway, and in a strategic shift, KoBold says it intends to develop Zambia's resources on its own, a project that will reportedly cost about $2.3 billion.
Former investors in KoBold include Bill Gates, Jeff Bezos, Jack Ma, a16z and Breakthrough Energy Ventures.