BitFury Group, a San Francisco, CA- and Amsterdam, The Netherlands-based bitcoin infrastructure provider, raised $20m in financing.
Backers included Binary Financial, Crypto Currency Partners, Georgian Co-Investment Fund, Queensbridge Venture Partners and ZAD Investment Company, and angel investors Bill Tai and Jonathan Teo.
The company intends to use the funds to build out its facilities in strategic international locations, accelerate production of bespoke semiconductors, or ASICs (Application Specific Integrated Circuits) and servers, and develop opportunities in adjacent business areas.
Founded in 2011 and led by Mr. Valery Vavilov, CEO, BitFury produces ASICs for the mining of Bitcoin and other cryptocurrencies. It sells ASICs, complete servers, as well as fully hosted and managed solutions to professional cryptocurrency mining companies. In addition to selling hardware and mining solutions, the company also operates a large bitcoin mining operation with datacenters in Finland, Iceland and the Republic of Georgia.