Mining company KoBold Metals recently received a large amount of funding, including from a Bill Gates-backed venture capital firm. This takes the company’s valuation to $1 billion.
• AI for metal detection – crucial for electric vehicles
• Reducing the cost of mineral exploration
• Breakthrough Energy invests in clean energy
Artificial intelligence is becoming more and more important in companies. KoBold Metals, a Berkeley-based mining company, is using the new technology to explore for metal deposits. These, in turn, are critical to building batteries for electric vehicle industries such as Tesla, particularly lithium, nickel, cobalt and copper. As reported by the Wall Street Journal, the company recently closed a round of financing and received financial support from one of Bill Gates backed venture capital firm.
60 projects on three continents
According to the homepage, KoBold Metals uses artificial intelligence functions that go beyond conventional technology to model the underground and to explore depths. “We combine geosciences, systematic data integration and artificial intelligence to accelerate the pace and reduce costs of mineral exploration,” the company’s website said.
The company, founded in 2018, claims to have the world’s largest budget for research and development for this purpose and uses it in more than sixty projects on three continents.
$1 billion AI unicorn
According to an article in The Wall Street Journal, the mining company recently closed a round of financing. It received $200 million in funding, including from a Bill Gates-backed venture capital firm. Breakthrough Energy is an umbrella organization and was founded in 2015. The company aims to promote innovation in sustainable energy and other technologies to reduce greenhouse gas emissions.
Investments are limited to a number of start-up companies trying to commercialize new concepts such as nuclear fusion and large-capacity batteries for storing renewable energy. Funding round crowns KoBold Metals as a $1 billion AI unicorn.
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