BitFury, a crypto mining company, has declared the closing of a private placement investment of $80 million, bringing the entire funds raised by the firm to $170 million since its Series A round in 2014.
The round, according to an official release, was led by a Paris-based venture capital firm Korelya Capital. Mike Novogratz’s Galaxy Digital, Macquarie Capital, Dentsu Inc., Armat group and others also participated in the Series C funding round for the San Francisco crypto company.
Greg Revenu, Managing Partner of Bryan, Garnier & Co, a Europe-based investment bank, that is also the sole financial adviser and Placement Agent for the BitFury’s funding, stressed that the most recent investment marks the “global institutionalization” of the blockchain industry.
“As the market is maturing, we are witnessing an acceleration in the adoption of blockchain technologies throughout the globe, in all domains, at each corporate and governmental level,” he explained. “This transaction also demonstrates the positioning of the company as the world leading B2B technology infrastructure provider, with a breadth of activities that enable the company to be seen because the proxy for a global Blockchain investment thesis.”
BitFury group presently employs over 700 workers in fifteen countries spread across North America, EMEA, and Asia. The Company also operates crypto mining centers in Iceland, Canada, Georgia, and Norway, providing hash powers to some of the world’s high mining pools. However, BitFury is best known for building crypto mining equipment and has just launched a new “Clarke” ASIC chip for bitcoin mining.
The company has also ventured into developing blockchain applications for corporates and governments and has recorded a half billion dollars in revenues through its overall operations.
Expansion into AI
BitFury said that it wants to allocate the raised $80 million fund to additional its global growth and to enter adjacent market segments – such as artificial intelligence (AI). However, the company didn’t reveal any major details regarding the type of projects it'd place beneath its new AI wings.
“The institutionalization of blockchain and cryptocurrencies, partnered with the chance of those rising technologies, is a natural expansion chance that Bitfury will build on — in 2019 and beyond,” said Valery Vavilov, CEO, and co-founder of Bitfury, whereas referring to AI.
The funding round also comes right once Bitfury announced its plans to launch an initial public offering round with an aim to generate $3 billion in public funding. The company’s biggest rival Bitmain has already filed its ipo application in Hong Kong, albeit amidst criticism.
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