The Bitcoin mining firm that claims to have built reputation as the market leader with its custom-made ASIC chips, designed to achieve the lowest power consumption coupled with the highest processing metrics, BitFury has raised an additional $20m in funding. The money is crucial for the company as it has huge expansion plan and strategic partnerships.
BitFury has regularly been organizing fund raising programs and the latest one is its third in two years. Thus, so far the company has been able to get $60m, double that of rival KnCMiner ($29m) and over half of the total investment in mining infrastructure to date ($116.5m) in all its fund raising programs.
Repeat Investors Show Trust in the Company
Talking about the fund raising, CEO Valery Vavilov said that he is excited to announce his company has secured a funding round of $20m. However, he thinks that the success of yet another funding round validates the business strategy and brings it closer to ambitious goals. Nonetheless, with this successful fund raiser, it looks Bitcoin space is still attractive.
Though there were several investors, the Georgian Co-Investment Fund, which took part in the round alongside DRW Venture Capital and iTech Capital, backed BitFury’s previous rounds in May and October of 2014 with investor Bill Tai as well. Thus, BitFury has been able to receive repeat investments from the same firms.
However, the company declined to confirm if other investors participated in its third round. Interestingly, in a statement, it said that the funds will go towards “accelerating growth” following its acquisition of a new 100MW data centre in the Republic of Georgia and the roll out of its 28nm ASIC.
The world Leader in ASIC Machines, PCB Boards, Servers and Data Centers
Nonetheless, BitFury is also expected to release its first Bitcoin mining light bulbs sometime this year.