Leading bitcoin mining hardware manufacturer BitFury announced on Friday that they have raised a whopping $20 million in financing, making it one of the largest investments in the bitcoin sector.
Investors that participated in the funding round include Binary Financial, Crypto Currency Partners, Georgian Co-Investment Fund (GCF), Queensbridge Venture Partners and ZAD Investment Company.
Angel investors are said to have also joined in on the funding round, along with BitFury’s seed investors.
“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,” said BitFury CEO Valery Vavilov.
“This investment will further accelerate our growth, and we are excited to strengthen our industry leadership with next-generation hardware and services.”
The company says they’ll be using the large amount of money to build out facilities in international locations that with strategically help the business and accelerate the production of the company’s ASICs (Application Specific Integrated Circuits) and servers.
The company may also seek to explore additional business opportunities in “adjacent” areas.
The company not only produces hardware for bitcoin mining, but for the mining of other cryptocurrencies as well, making it an attractive offering for many in the community.
BitFury’s services extend beyond selling hardware, offering fully hosted and managed solutions to professional crypto-mining firms.
BitFury is also the operator of one of the largest bitcoin mining operations in the world with a facility in Finland, Iceland, and the Republic of Georgia.
The investment comes in even larger than the recently-announced $17 million investment in Boston-based Circle Internet Financial. It does not, however, top BitPay’s recent record-breaking investment of $30 million in a round led by Index Ventures.
