Marc Andreessen and Reid Hoffman are among the list of billionaire backers rallying behind AI-powered mining prospect KoBold, with the brand now valued at nearly $3 billion.

A mining and artificial intelligence start-up backed by Bill Gates and Jeff Bezos has raised $537mn in its latest funding round, as it seeks to become a key player in the race for the critical minerals needed for the energy transition.

KoBold Metals has raised $537 million in its latest funding round as it seeks to become a key player in the race for critical minerals needed for the energy transition. Backed by investors such as Microsoft’s Bill Gates and Amazon’s Jeff Bezos, the company said its Series C funding round valued KoBold at $2.96 billion.