BitFury said it has raised an additional $20 million. The company, which makes specialized chips for bitcoin mining, said the new money came from “internal and external” sources, with the majority coming from external sources, including venture capitalist Bill Tai, former VeriFone CFO Bob Dykes, and Google Maps co-founder Lars Rasmussen. The Georgian Co-Investment Fund also participated. “The fact that we closed this funding round in less than a week is a testament to investors’ trust in our business model and execution capabilities,” BitFury founder and CEO Valery Vavilov said in a prepared statement.
SILICON VALLEY TECH LEADERS AND VENTURE CAPITALISTS BACK BITFURY
BitFury has committed to spend $20 million sourced from internal and external sources to roll out the industry super chip and further expand its data centers
SAN FRANCISCO & AMSTERDAM – Oct. 9, 2014 – BitFury Group, the leading Bitcoin infrastructure provider and transaction processing company, announced today that it has committed to spend $20 million sourced from external and internal sources to continue its strong momentum as the leader in cryptocurrency transaction processing. The majority of the funds came from external sources, with significant interest from highly respected venture capitalists and individual investors including prominent venture capitalist Bill Tai, former CFO at VeriFone and President at Flextronics Bob Dykes, and co-founder of Google Maps Lars Rasmussen. The $6 billion Georgian Co-Investment Fund, an existing BitFury investor, also participated in this round, reinforcing their strong belief in BitFury’s success.
“Building on the success of our Series A funding, it was great to witness continued investors’ trust and excitement in BitFury,” said Valery Vavilov, BitFury founder and CEO. “The fact that we closed this funding round in less than a week is a testament to investors’ trust in our business model and execution capabilities. We now have ample cash to start rolling out the new chip, without selling down our strategic reserve of mined bitcoins.”
Vavilov continued: “We are bringing to the market our new, full custom design 28 nanometer ASIC chip which will be three times more energy efficient as compared to our existing technology. This will cement our reputation as the Bitcoin industry leader.”
In addition to rolling out its next generation 0.2 J/GH chip, BitFury will use the secured funds to increase its data centers capacity to 100 megawatts, allowing the company to maintain significant market share in the bitcoin transaction processing market.
Bill Tai, BitFury board member and investor commented: “Strong and consistent execution allowed BitFury to establish itself as an industry leader. The company’s management team is strengthening that position by building a culture of trust, corporate governance and institutional credibility. Those factors have enabled the company to continue to attract capital to fulfill its vision.”
ABOUT BITFURY GROUP: BitFury Group is the leading Bitcoin infrastructure provider and Bitcoin transaction processing company. Founded in 2011, BitFury currently has more than 70 team members globally at management offices in San Francisco, Amsterdam and Riga, as well as data-centers in Finland, Iceland and the Republic of Georgia. BitFury derives sustainable advantage through its custom-made application-specific integrated circuits (ASICs) optimized to achieve the lowest power consumption coupled with the highest processing metrics – the parameters that drive mining margins. BitFury has an impressive track record, having successfully delivered three prior generations of silicon and has a roadmap to at least double performance-per-watt every 6-12 months. BitFury’s management team and board include seasoned industry veterans with a history of execution in silicon engineering, operational build-up and capitalizing businesses.