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KoBold used AI to find copper — now investors are piling in to the tune of $537M
The Bill Gates-backed startup uses AI to comb through massive data sets in an attempt to find more critical minerals.
KoBold Metals closed a $537 million Series C round on Wednesday to help build a multi-billion-dollar mine to exploit a copper deposit it found using AI. The new funding round, which was led by Durable Capital Partners and T. Rowe Price, will be used to expand the company’s exploration efforts on five continents and develop a massive copper deposit in Zambia. The company’s decision to develop the Zambia resource, which it estimates is among the largest found, suggests that approach could pay off handsomely.
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