"Finding Minerals with AI"... Mining Startup Invested by Bill Gates Becomes a 'Unicorn'

US Silicon Valley-based 'Kobold Metals'
Possesses Market-Interested Elements 'AI' and 'Electric Vehicle Minerals'

A mining startup that has attracted attention from prominent tech VCs such as Breakthrough Energy Ventures, founded by Microsoft (MS) co-founder Bill Gates, and the well-known American venture capital (VC) firm Andreessen Horowitz, has emerged as a 'unicorn' with a corporate valuation exceeding $1 billion (approximately 1.3 trillion KRW).

According to the Wall Street Journal (WSJ) on the 19th (local time), KoBold Metals, an AI-based startup, is currently raising $200 million, founder Kurt House revealed. WSJ reported that with this investment, KoBold Metals' valuation has surpassed $1 billion, making it a unicorn company.

(Photo by Kobold Metals website)

This investment round included participation from Gates' Breakthrough Energy Ventures, Andreessen Horowitz, and Bond, a VC operated by U.S. venture investor Mary Meeker. Gates' venture fund invests in climate technology startups on behalf of Amazon founder Jeff Bezos and Alibaba founder Ma Yun, and has previously invested in KoBold.

The reason this company stands out among many startups is that it possesses two of the most sought-after elements in the current market simultaneously. KoBold Metals is a startup that uses artificial intelligence (AI) and machine learning to locate minerals such as nickel, lithium, cobalt, and copper, which are used in electric vehicles (EVs).

Founded in 2018, the company employs technology to find minerals located up to 2,000 meters below the earth's surface. As minerals near the surface are rapidly depleted, KoBold uses its technology to identify and extract minerals deep underground. It is currently conducting 60 projects across North America, Africa, and Australia. It has also established exploration partnerships with Rio Tinto, the world's largest iron ore producer, and the multinational mining company BHP of Australia.

The company describes itself on its website as a "value-driven company" that aims to "discover new critical mineral deposits worth over $15 trillion to prevent catastrophic climate change."

KoBold plans to use the funds raised in this investment round to develop copper deposits in Zambia. In December last year, the company invested $150 million to acquire a controlling stake in undeveloped copper deposits in Zambia. WSJ reported that it will take at least eight years before actual copper mining can begin. Founder House added that the remaining funds will be used for nickel and lithium exploration projects.

Connie Chan, general partner at Andreessen Horowitz, welcomed the additional investment, saying, "We have confirmed that the algorithm works and hope the company accelerates (the discovery of mineral deposits) and is equipped with sufficient resources." Jay Simmons, general partner at Bond, also said, "The demand for minerals needed for electrification and battery shortages continues to increase. Our demand far exceeds supply, and a different approach is necessary to address this."

This content was produced with the assistance of AI translation services.