Bitcoin miner BitFury snags $20 mln

BitFury Group has raised $20 million in financing. The investors included Binary Financial, Crypto Currency Partners, Georgian Co-Investment Fund, Queensbridge Venture Partners and ZAD Investment Company. Based in San Francisco and Amsterdam, BitFury is a bitcoin infrastructure provider.

PRESS RELEASE

SAN FRANCISCO & AMSTERDAM–(BUSINESS WIRE)–May 30, 2014
BitFury Group, the leading Bitcoin infrastructure provider, today announced it closed $20 million in financing. Investors participating in the round included Binary Financial, Crypto Currency Partners, Georgian Co-Investment Fund (GCF), Queensbridge Venture Partners and ZAD Investment Company. Renowned angel investors Bill Tai and Jonathan Teo also joined the round, along with the company’s seed investors.
Bitfury will use the proceeds from this financing to build out its facilities in strategic international locations, accelerate its production of the next generation of bespoke semiconductors, or ASICs (Application Specific Integrated Circuits) and servers, and develop opportunities in adjacent business areas.
BitFury is the world’s leader in producing ASICs for the mining of Bitcoin and other cryptocurrencies. It sells ASICs, complete servers, as well as fully hosted and managed solutions to professional cryptocurrency mining companies. In addition to selling hardware and mining solutions, BitFury also operates one of the largest bitcoin mining operations with top-end datacenters in Finland, Iceland and, most recently, the Republic of Georgia.
Mr. Valery Vavilov, CEO of Bitfury said: “The success of this funding round validates our strategy and brings us closer to our aspiration of becoming the world’s first publicly listed Bitcoin company. This investment will further accelerate our growth, and we are excited to strengthen our industry leadership with next-generation hardware and services.”
About BitFury Group
The BitFury Group was founded in 2011, and is based in San Francisco, CA and Amsterdam, the Netherlands. It is the world’s largest provider of semiconductors, servers and datacenter solutions to the bitcoin and cryptocurrency industry, and one of the largest miners of bitcoin, with computing centers across Finland, Iceland and the Republic of Georgia. For more information on BitFury, please visit: www.bitfury.org

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