KnCMiner, a Stockholm, Sweden-based specialist of high performance cryptocurrency hardware, completed a USD14m Series A funding round.
The round was led by Nordic based venture capital fund Creandum. GP Bullhound, the technology investment bank, acted as the exclusive financial advisor to KnCMiner.
The company intends to use the funds to conduct R&D for its ASIC hardware, as well as to develop new pool software, as well as other new financial products related to cryptocurrency mining, transacting and asset management.
Launched in April 2013 by Sam Cole, KnCMiner delivers innovative chip design and software for blockchain-based applications including mining hardware, cloud services and mobile apps. After branching out into software development, KnCMiner has also released a mobile Bitcoin wallet KnCWallet and developed a new proprietary cloud mining management/front-end system.
To date, the company has sold Bitcoin mining equipment for over USD70m and its mining operations have generated more than USD40m of revenue.
FinSMEs
05/09/2014