Equinor, the Norwegian state-backed energy company, will take a stake in San Francisco-based start-up Kobold Metals that already counts Bill Gates as an investor, Currency.com reports.
Kobold Metals was founded less than two years ago and aims to digitally map the Earth’s crust. The company collects multiple data streams from old drill reports and the latest satellite imagery and analyses them using artificial intelligence and machine learning.
The exact size of Equinor’s investment is currently unclear; however, the company is expected to have a stake of about 10%. The company hopes to transfer Kobold’s technological cutting edge to the discovery of new oil and gas sources.
Data science and analytics applied to big subsurface data will be increasingly important for low-carbon and low-cost oil and gas discoveries.Lisa Rebora, senior vice-president of exploration, Equinor
The start-up's chief executive Kurt House said that Kobold’s technology “is in many respects commodity independent. The database can be applied to any commodity.”