Bitcoin miner manufacturer Auradine secures $80 million in Series B funding ahead of halving event.
Auradine, a California-based web infrastructure startup known for its Bitcoin miners, has recently completed an $80 million Series B funding round, an event that is particularly significant as it comes just days before the highly anticipated Bitcoin halving. The funding was described as "oversubscribed" with participation from several prominent investors.
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
The company, which initially aimed for $70 million, saw increased investor interest leading to the successful fundraise. The Series B round, which began earlier this year, included $60 million in equity and $20 million in debt. Auradine's co-founder and CEO Rajiv Khemani noted that the round concluded last week and while he did not provide the updated valuation, he expressed optimism for the company's potential to reach a $1 billion valuation in the future. Khemani said, "We are very proud of the advancements that our team has made in bringing innovative, energy-efficient, and secure products to our customers. The strong orders and pipeline reflect the confidence our customers have in us."
The timing of the Series B round is noteworthy as it coincides with the impending Bitcoin halving event, a factor that could significantly impact the demand for Auradine's Teraflux bitcoin miners. According to Khemani, the company has $80 million in bookings and a robust order pipeline exceeding $200 million. He emphasized the importance of energy efficiency and demand response in the context of the halving, stating, "Our unique EnergyTune capability and energy-efficient silicon, along with the highest terahash performance, work well for post-halving."
Investors have expressed strong support for Auradine. Navin Chaddha, managing partner at Mayfield Fund, commended the firm's progress. John Avirett from StepStone Group and Andre De Baubigny from MVP Ventures also praised the company's focus on energy efficiency and innovation.
Founded in 2022, Auradine has made a significant impact with its Teraflux bitcoin miners, which have been deployed to over 30 data-center-scale miners. The company's commitment to designing its bitcoin miners in the United States has been seen as a strategic move for decentralized supply and national security, considering the current geopolitical landscape.
