A Berkeley startup that uses artificial intelligence to improve metal mining operations has doubled its funding after landing a megaround from investors that include Bill Gates' Breakthrough Energy Ventures.
KoBold Metals Co. confirmed in a tweet that it had raised $195 million in fresh capital.
The startup was co-founded in 2018 by CEO Kurt House, Chief Operating Officer Jeff Jurinak and Josh Goldman, who is both chief financial officer and chief technology officer.
KoBold uses artificial intelligence and machine learning to map out the earth's crust to more efficiently identify areas that can be mined for metals like cobalt, nickel, copper and lithium, all of which are in high demand for electric vehicle battery production.
The company has had mining exploration projects across North America, Australia and Africa, and the new funding will be used to accelerate its efforts in Nambia where it recently bought a controlling stake in an undeveloped copper site for $150 million, the WSJ reported.
On Tuesday, Axios reported that the new round was led by T. Rowe Price and also included BOND, Standard Investments, Equinor Ventures, Andreessen Horowitz, Breakthrough Energy Ventures, BHP Ventures, Mitsubishi Corporation, Earthshot Ventures and the July Fund. The company's valuation also doubled to $1.15 billion.
KoBold announced that it had raised $192.5 million in an initial Series B round a little more than a year ago, and a representative for the company confirmed to Bay Area Inno that the new funding is an extension of that round.
The new capital doubles KoBold's total funding to around $410 million, according to PitchBook data.
