Bill Gates’ venture firm raises $1B AI unicorn using machine learning to mine rare earths metals for EVs with backing from Jeff Bezos and Jack Ma.

KoBold Metals, a California-based mining company, has secured $200 million in a funding round that values the firm at more than $1 billion, earning it the coveted status of an AI unicorn. The funding round included investment from Bill Gates’ Breakthrough Energy Ventures, as well as Andreessen Horowitz and Bond Capital. KoBold uses AI to mine for rare metals, focusing on lithium, nickel, cobalt, and copper, which are crucial for the production of electric vehicle batteries. The company operates more than 60 projects across three continents, with an annual investment of $100 million. The latest funding is expected to drive the firm’s exploration efforts further.