Mining start-up backed by Bill Gates and Jeff Bezos valued at US$2.96b

A mining and artificial intelligence start-up backed by Bill Gates and Jeff Bezos has raised US$537 million ($959m) in its latest funding round, as it seeks to become a key player in the race for the critical minerals needed for the energy transition. Berkeley-based KoBold Metals said its series C funding round valued the company at US$2.96 billion, and it was co-led by existing investor T Rowe Price, which has been joined by Durable Capital Partners.

Existing investors including Gates’ Breakthrough Energy Ventures and US venture capital group Andreessen Horowitz also participated in the round, along with new backers including private capital group StepStone. KoBold, which has raised US$1b to date, is among the Western mining companies seeking to compete with Chinese rivals to produce metals such as copper, lithium and nickel. The metals are used in everything from batteries for electric vehicles to the defence industry, and Western governments have been increasingly seeking to diversify away from supply chains dominated by China.



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