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BitFury Secures $20 Million in Funding

Avatar Jayanand Sagar 5 years ago

BitFury announced today that it has secured an additional $20 million funding from Silicon Valley vets, during a time when investments in companies working in the bitcoin space have seemingly become in vogue.

The round is led by Lars Rasmussen (co-founder, Google Maps), along with Bill Tai (venture capitalist) and Bob Dykes (former President, Flextronics).

The $6 billion Georgian Co-Investment Fund, which has previously invested in BitFury, also participated in this round.

The company says they are committed to spend the funds to “continue its strong momentum as the leader in cryptocurrency transaction processing,” in addition to prepare for high-volume production of a new 28nm ASIC chip. They will also use the funds to increase its data center capacity to 100 megawatts.

“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’s 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.”

He added, “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.”

Investor Bill Tai, who’s on the BitFury board remarks, “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.”

It’s just one of the latest investments in the realm. This week, announced an investment of $30 million.

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