KnCMiner, the well-known manufacturer of bitcoin mining equipment, has announced the closing of a $14 million USD Series A investment round let by Creandum, a Nordic venture capital firm.
International technology investment bank GP Bullhound was said to have acted as the “exclusive financial adviser” to KnCMiner on this particular investment.
According to KnC, the huge eight-figure investment will allow the company to expand their mining operations, but also provide consumers with bitcoin-related services. The company did not elaborate on just what those services were.
“We are delighted to welcome our new investors and thrilled to have the opportunity to extend our lead within the Bitcoin ecosystem,” said Sam Cole, co-founder of KnCMiner. “In tandem with our considerable investments in IP, this round of funding will further cement our lead in hardware design and deployment of cryptocurrency services.”
And while the investment is significant, it’s not difficult to see an investor’s attraction to the company. Since the company’s founding in April of 2013, they have reported over $70 million USD in revenue from selling bitcoin mining equipment.
Their newly-launched mining services have brought in another $40 million.
The company has even dabbled with software development, releasing a bitcoin wallet (aptly named the KnCWallet), and has built a cloud mining system that ties into their mining operations.
KnC has indicated that this hefty Series A will help speed up their research and development in the nanotechnology space for next-gen ASIC hardware in development. New pool software is also in active development.
“We believe bitcoin will have a tremendous impact on a global scale,” remarked Per Roman, Managing Partner at GP Bullhound. “KnC is already the leading vendor of mining equipment and we are delighted to act as adviser as well as investor to this world-class management team.”
KnCMiner joins the likes of Coinbase, BitPay, and Xapo in terms of eight-figure VC investments.