KoBold Metals, a startup that uses artificial intelligence to improve mining success rates, has closed a massive $537 million Series C funding round to develop a copper deposit in Zambia. The round, led by Durable Capital Partners and T Rowe Price, values the company at $2.96 billion, according to the Financial Times.

The funding will be used to expand KoBold's exploration efforts across five continents and develop the massive copper deposit in Zambia, which the company estimates is among the largest found. This significant investment underscores the potential of AI technology to disrupt the mining industry, which has long been plagued by high risks and low success rates.

Traditionally, the mining industry has been notoriously risky, with only about three in every 1,000 potential deposits deemed commercially viable. KoBold's innovative approach, which leverages AI to comb through massive geological data sets, aims to improve this success rate. The company's decision to develop the Zambia resource suggests that this approach could pay off handsomely.

The importance of critical minerals like copper has grown significantly in recent years, driven by the escalating trade tensions between the U.S. and China. China has already banned shipments of antimony, gallium, and germanium to the U.S. and has proposed restricting technologies for processing lithium and gallium. KoBold's efforts to develop this copper deposit could help meet growing demand and reduce dependence on Chinese supplies.

The funding round saw participation from a diverse range of investors, including Andreessen Horowitz, Bond, Breakthrough Energy Ventures, Earthshot VC, Equinor, July Fund, Mitsubishi, Standard Investments, StepStone, and WCM Investment Management. Notably, previous investors include high-profile figures like Bill Gates, Jeff Bezos, and Jack Ma.

This significant investment is a testament to the potential of AI technology to transform the mining industry. As the demand for critical minerals continues to grow, companies like KoBold are well-positioned to capitalize on this trend and make a significant impact on the global mining landscape.

With its innovative approach and significant funding, KoBold Metals is poised to make a major impact on the mining industry. As the company moves forward with its plans to develop the Zambia copper deposit, it will be closely watched by industry observers and investors alike. One thing is clear: the future of mining has never looked brighter, and KoBold Metals is at the forefront of this revolution.