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AI mineral discovery startup KoBold Metals has closed the bulk of a $527 million round, according to a company filing.

Why it matters: Artificial intelligence is changing how critical minerals are found and extracted.

Zoom in: KoBold, based in Berkeley, Calif., didn't respond to a request for comment on the filing, which was first reported by TechCrunch.

Investors in KoBold include Breakthrough Energy, Standard Industries, Andreessen Horowitz, Mitsubishi, BHP, and BOND, Mary Meeker's VC firm.

The company, founded in 2018, is seeking a $2 billion valuation for the funding, according to a report from earlier this year.

The company's prior almost $200 million round was reportedly raised at a $1 billion valuation.

Catch up quick: KoBold is developing a database about the earth's crust and uses algorithms to mine that data to make predictions about the critical minerals under the ground in regions around the world.

Earlier this year the company says it found a massive copper deposit in Zambia.

The company also hunts for lithium, nickel and cobalt.

The big picture: Critical minerals are a hot investment area as batteries begin to form the basis of the energy transition, EVs and consumer electronics.

AI, of course, is the other massive investing trend shaping the economy.

KoBold combines both trends and has brought in a who's-who of investors from Silicon Valley and industry.

KoBold raising $527M round for AI for minerals

The company uses AI to hunt for critical mineral deposits

illustration of a mining helmet with a lightning bolt illuminated on the light 

Artificial intelligence

AI mineral discovery startup KoBold Metals has closed the bulk of a $527 million round, according to a company filing.Why it matters: Artificial intelligence is changing how critical minerals are found and extracted.

KoBold raising $527M round for AI for minerals

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