The Prime Unicorn Index benchmark, the standard bearer for private markets benchmarking, tracks post-money valuations for U.S-based, VC-backed private companies. Reflecting the broader private market, the Index is down 6.79% year to date.
Last week, we covered recent down rounds among components of the Prime Unicorn Index, showcasing the gloomy outlook in the private markets. However, this week, we will cover companies going against this trend, such as KoBold Metals Company.
KoBold Metals Company (AKA: KoBold) utilizes AI technologies to drive the exploration of minerals pivotal to the progression of electric vehicles and renewable energy. The business’s sophisticated data platform amasses, organizes, and promptly prepares extensive scientific data for detailed scrutiny. The analysis employs a variety of methods, from ensemble machine learning and comprehensive physics joint inversions to computer vision, to reliably predict the makeup of the underground layers. This innovative approach significantly enhances the speed and efficiency of exploring natural resources for their clientele.
Before its most recent round, KoBold has raised three times in Series A, A-1, and B-1 preferred rounds. It raised its Series A on March 4, 2019, at $2.63 per share, with participation from Andreessen Horowitz, Baruch Future Ventures, Breakthrough Energy, and CLF Partners. It raised its Series A-1 on January 6, 2020, at $4.22 per share, led by Equinor Ventures. KoBold raised its Series B on February 10, 2022, at $27.41 per share, with participation from Andreessen Horowitz, BOND Capital, BHP Ventures, Breakthrough, and others.
KoBold most recently raised $195M in a Series B-Prime round on March 21, 2023, led by Andreessen Horowitz, with participation from T Rowe Price, Breakthrough, Jeff Bezos, and others. This valued the company at roughly $1.2 billion at a preferred price per share of $42.78, making it a newly minted unicorn in a period defined by down rounds.
See how KoBold is performing against the Prime Unicorn Index below.