KnCMiner, a Stockholm, Sweden-based professional bitcoin mining company, raised $15m in Series B funding.
The round was led by Accel Partners with participation from existing investors Creandum, GP Bullhound and private investor Martin Wattin. In conjunction with the funding, Michiel Kotting, Partner at Accel Partners, will join the company’s board, whilst Fred Destin of Accel will join as observer.
The company intends to use the new capital to increase its bitcoin mining capacity.
Founded in 2013 by Sam Cole, CEO, KnCMiner delivers develops chip design and cloud services for blockchain-based applications and crypto currency mining. It has just completed its 16nm chip tape-out with Alchip at Taiwan Semiconductor Manufacturing Co Ltd (TSMC) and expects to be first to market with this next generation chip technology.
The company, which also runs industrial-scale operations in other locations globally with the main focus in the Arctic Circle, has generated over $100M in revenue since launch.
05/09/2014: KnCMiner Completes $14M Series A Funding