Bitcoin mining equipment manufacturer Auradine has raised $80 million in a Series B funding round to expand its footstep in blockchain, security, and artificial intelligence industries.
According to a recent announcement from Auradine , this round saw participation from new investors including StepStone Group, Top Tier Capital Partners, MVP Ventures, and Maverick Capital, in addition to leading strategic and angel investors.
Existing investors like Celesta Capital, Mayfield Fund, and Marathon Digital also participated in the funding.
Thrilled to announce our $80M Series B funding. Getting great customer momentum with $80M in bookings achieved. https://t.co/vPkV3SJcQK#ai #genai #blockchain #bitcoin #bitcoinmining #bitcoininvestments
— Auradine (@Auradine_Inc) April 10, 2024
Auradine’s Oversubscribed Funding Round
Auradine initially aimed to secure $70 million for its Series B funding, but the round was oversubscribed, leading to a total of $80 million raised, said the co-founder and CEO Rajiv Khemani.
“Auradine’s remarkable journey from its inception to achieving substantial orders in such a short time frame is a testament to its compelling solutions and the team’s execution capabilities,” said Mayfield Fund managing partner Navin Chaddha.
“We are delighted to support Auradine as it continues to pave the way in blockchain and AI infrastructure with impactful and sustainable solutions,” said Chaddha.
This $80 million Series B funding came on the heels of Auradine’s $81 million Series A, which was led by Celesta Capital and Mayfield in 2022.
Another $80 Million in Bookings
The company started with the goal of transforming the blockchain market through its Teraflux family of Bitcoin ASIC Miners. These miners were recognized for their speed and efficiency with competitive performance and energy use.
The Teraflux line incorporated Auradine’s proprietary EnergyTune and AutoTune technologies, designed to meet the standards of energy grid stability and demand response.
The bitcoin mining equipment manufacturer also announced that it has $80 million in bookings and an order backlog exceeding $200 million as it continues to expand its global customer base.
“We are very proud of the advancements that our team has made in bringing innovative, energy-efficient, and secure products to our customers,” stated Khemani.
“The strong orders and pipeline reflect the confidence our customers have in us,” said Khemani. “With this new funding, we will ramp up production capacity and accelerate investments in our product roadmaps.”
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