KoBold Metals, a Prime Unicorn Index component last valued at roughly $1.2 billion, has authorized a new Series C round priced 98.6% higher than its Series B, now at $84.95 per preferred share. The increase comes as the company reportedly targets a $2 billion valuation in its upcoming fundraising. This significant jump reflects growing confidence in KoBold’s AI-driven approach to discovering critical battery metals.
KoBold’s AI-Driven Exploration
Founded in 2018, KoBold Metals uses artificial intelligence to identify essential metals like cobalt, nickel, and lithium for electric vehicle (EV) batteries. By applying data-driven techniques, the company aims to make the mineral exploration process more efficient and sustainable, reducing both time and costs. KoBold’s approach has garnered attention as it seeks to meet the growing demand for battery materials needed to power the EV industry.
Series B Round and Key Investors
In its previous Series B round, priced at $42.78 per preferred share, KoBold raised $195 million, which brought its valuation to approximately $1.2 billion. The round attracted high-profile investors, including Breakthrough Energy Ventures, Andreessen Horowitz, BHP, T Rowe Price, and Equinor Ventures. This funding enabled KoBold to expand its exploration efforts and advance its AI technology, focusing on regions rich in critical battery metals.
Series C Round and Investor Interest
Now, with its Series C round priced at $84.95 per share, KoBold is poised for further growth. This price implies a pre-money valuation of approximately $2.3 billion. According to the Wall Street Journal, this round is expected to attract new investors from the energy and technology sectors, as KoBold continues to push the boundaries of AI-powered resource exploration.
The Series C round highlights the increasing importance of companies like KoBold in the transition to clean energy, with its technology set to play a vital role in securing the critical materials needed for the green energy revolution.
