Berkeley, California’s mining firm is the newest “unicorn” of Silicon Valley. KoBold Metals, which use AI to prospect for elements like copper, lithium, and cobalt, has closed a funding round for close to $200 million. The investment makes it one of the most valuable mining companies in the world, with a valuation of over $1 billion.
In 2018, ex-Googler and entrepreneur Kurt House established KoBold Metals. The company’s AI-driven platform analyzes information from satellite images, geological surveys, and mineral samples, among other places, to locate promising mining locations. Afterward, KoBold Metals utilizes this information to conduct test holes and evaluate the deposits’ potential.
The company’s mining strategy has the potential to create a paradigm shift. Exploration efforts in the mining industry using conventional techniques have met with little success in recent years. The cost of exploration has soared while the success rate of discovering new resources has decreased. The AI-driven platform at KoBold Metals might be useful in overcoming such obstacles.
Breakthrough Energy Ventures, founded by Bill Gates, spearheaded the round of investment for the startup. Khosla Ventures, Prelude Ventures, and Baillie Gifford are among the other participants in the round. The money will go toward helping KoBold Metals grow its business and further the progress of its artificial intelligence platform.
The company’s success demonstrates the increasing appetite for employing technology to shake up established markets. The use of AI in mining is not exclusive to KoBold Metals. DeepGreen Metals and AppGeo are just two examples of businesses that are using technology to explore and exploit fresh mineral resources.
Artificial intelligence might improve mining efficiency and longevity. Artificial intelligence may help mining firms find resources faster, saving time and money. In addition to helping the environment, this may be a significant time and money saver in the mining industry.
The accomplishments of KoBold Metals represent a watershed moment for the mining sector. The use of artificial intelligence inside the company’s platform might significantly alter the way mines look for undiscovered resources. The mining industry may enter a new, more productive, and environmentally friendly age as a result of this.
Source: https://www.wsj.com/articles/silicon-valleys-newest-unicorn-is-a-mining-company-9d22ea6c