Home Finance Bill Gates, Jeff Bezos And Jack Ma Fund $200 Million Round For KoBold Metals, A Company Using AI To Improve Mining Of Rare Earth Metals Crucial For EVs

Bill Gates, Jeff Bezos And Jack Ma Fund $200 Million Round For KoBold Metals, A Company Using AI To Improve Mining Of Rare Earth Metals Crucial For EVs

by CoinNews

Breakthrough Energy Ventures, backed by Bill Gates, Jack Ma and Jeff Bezos, recently led a $200 million funding round for KoBold Metals. Other investors included Andreessen Horowitz, and Bond Capital.

KoBold is using artificial intelligence (AI) to improve mining for the metals needed for electric vehicles (EVs). The Breakthrough Energy Ventures (BEV) fund invests in innovative and high-impact clean energy technologies that can combat climate change. Its mission is to accelerate the transition to a carbon-neutral future and support a range of industries, including energy storage, transportation and agriculture.

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AI Data For EV Metal Mining

Berkeley, California-based KoBold Metals achieved a significant milestone in its journey toward sustainable resource extraction. By integrating artificial intelligence into its operations, the company’s novel approach has profound implications for the rare earth elements mining industry. KoBold analyzes vast amounts of geological data to pinpoint potential deposits of metals crucial for battery production, such as lithium, nickel, cobalt and copper. Leveraging AI means the company can reduce its exploration time and costs.

KoBold Metals’ integration of AI expedites the identification of rare earth element deposits and enhances the precision and efficiency of mining operations. The company’s proprietary AI tools, rooted in the concept of efficacy of information (EOI), allow KoBold to strategically collect and analyze data at every exploration step, maximizing the reduction of uncertainty. While the extraction process may require additional time, KoBold’s precision-focused drilling techniques ensure optimal resource use and minimize environmental impact.

KoBold is compiling the world’s largest repository of geoscience information and using AI to examine the earth’s surface at new depths to find rare earth deposits. It uses its proprietary technology and massive research and development budget to improve operations at more than 60 projects around the world, in partnership with mining firms.

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Influential Investors Lead The Way

The recent funding round showcased the confidence of prominent investors in KoBold Metals’ mission. Investors recognize a looming multitrillion-dollar gap between the supply of various rare earth metals and the skyrocketing demand.

Breakthrough Energy Ventures recognized KoBold Metals’ potential to revolutionize the mining industry through AI technology. Andreessen Horowitz, the venture fund run by Marc Andreessen and Ben Horowitz, and Bond Capital, another large fund managed by Juliet de Baubigny, Mary Meeker, Mood Rowghani and Noah Knauf.

By leveraging machine learning and AI algorithms, KoBold is revolutionizing resource extraction and paving the way for sustainable and responsible mining practices. With the support of influential investors and its commitment to technological advancement, KoBold can offer a greener way to support the exploding demand for batteries.

Investing in Startups

Fortunately, thanks to changes in federal law, you don’t have to be Bill Gates or a venture capitalist to invest in startups. Anyone can invest in top startups on platforms like Wefunder or StartEngine. For example, Gameflip is a gaming marketplace startup that has already raised over $1.2 million from hundreds of investors and raised over $10 million from venture capital.

See more on startup investing from Benzinga.

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This article Bill Gates, Jeff Bezos And Jack Ma Fund $200 Million Round For KoBold Metals, A Company Using AI To Improve Mining Of Rare Earth Metals Crucial For EVs originally appeared on Benzinga.com


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