Earlier this year, Kobold Metals discovered one of the largest high-grade copper deposits in history, with the potential to produce hundreds of thousands of tonnes per year, the company's CEO said.
Now, just eight months later, Kobold is closing in on more than $500 million in funding. The funding should help the company develop its vast copper resources while pursuing dozens of other exploration projects.
The mineral discovery startup has already raised $491 million of its targeted $527 million round, according to an SEC filing. A previous round of $195 million valued the company at $1 billion post-money, according to PitchBook. The startup is reportedly aiming for a $2 billion valuation with this round.
The company did not immediately respond to questions.
Kobold uses artificial intelligence to sift through vast amounts of data to find mineral deposits that can help drive the energy transition. In addition to copper, the company is also looking for lithium, nickel and cobalt.
Initially, the company focused solely on discovery. Mineral exploration has historically been a risky endeavor. A good rule of thumb is that for every 1,000 attempts to find a deposit, only about 3 are successful. Kobold was betting that AI would be able to analyze data and find trends that would lead to higher success rates.
Zambia has vast copper deposits, and Kobold appears to have fulfilled its initial promise. The company has about 60 other exploration projects underway, and in a shift in strategy, Kobold has said it intends to develop the Zambian resources itself, an operation reportedly costing about $2.3 billion.
Kobold's previous investors include Bill Gates, Jeff Bezos, Jack Ma, Andreessen Horowitz, and Breakthrough Energy Ventures.