KnCMiner has gotten a $15 million boost, led by Accel Partners and with participation from existing investors Creandum, GP Bullhound and private investor Martin Wattin.
KnC had reportedly been seeking up to $50 million as it shifts focus from selling hardware to Cloud mining. The Series B round comes in addition the Series A of $14 million secured last September.
The funding will go toward increasing mining capacity and developing more advanced hardware. The company reportedly completed its 16nm chip tape-out with Alchip at Taiwan Semiconductor Manufacturing Co Ltd (TSMC), claiming to be the first to the market with such technology. When first unveiled last November, the company said that the chip will exhibit a six-fold increase in performance over its 20 nm counterpart.
Said Sam Cole, co-founder and CEO:
"We have invested more than $70M over the last 12 months into building a world-class Bitcoin mining operation and plan to invest a further $150M over the next 18 months as we become one of the key transaction processors within Bitcoin. We are delighted to be partnering with Accel in this next chapter, as we continue building our brand and relationships within the Bitcoin and broader financial communities."
The round shows that investors have confidence in the operation despite previous complaints from customers alleging unfulfilled/delayed orders and refunds.
For a detailed list of recent investment and M&A activity in the crypto industry, please visit the DC Magnates Crypto Deal Table.
