The company, which uses artificial intelligence to discover critical mineral deposits, raised a US$537-million Series C round co-led by T. Rowe Price and Maryland-based Durable Capital Partners. The round’s other investors included Breakthrough Energy Ventures, a firm founded by Bill Gates and backed by a laundry list of billionaires like Jeff Bezos and Shopify CEO Tobi Lütke. (The Logic)
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The company, which uses artificial intelligence to discover critical mineral deposits, raised a US$537-million Series C round co-led by T. Rowe Price and Maryland-based Durable Capital Partners. The round’s other investors included Breakthrough Energy Ventures, a firm founded by Bill Gates and backed by a laundry list of billionaires like Jeff Bezos and Shopify CEO Tobi Lütke. (The Logic)
Talking point: Some bold-faced names appear to be confident in KoBold’s use of AI to find key transition metals like copper, despite the critical mineral industry’s struggles. Canada Pension Plan Investments invested in KoBold in 2022 but was not listed as a participant in the latest funding round. The company has been on the hunt for Canadian cobalt since 2020. At an event in Toronto last year, CEO Kurt House said KoBold is recruiting both geoscientists and Big Tech engineers to speed up its discovery of potential mines.
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