Bitcoin mining hardware manufacturer KnCMiner finalized a $14M Series A investment round, led by Nordic-based venture capital firm Creandum and advised by technology investment bank GP Bullhound.
The funding will be dedicated to expand operations from hardware design into software, app and cloud services, as well as accelerate KnCMiner's growth in general.
A spokesperson told CoinTelegraph the company was currently focusing on making sure its scrypt mining machines 'the Titan', and batch 2 of its popular Bitcoin miners 'the Neptune', ship by the end of this quarter.
Simultaneously, KnCMiner has developed a Bitcoin wallet for Android KnCWallet. The funding will help with all of the above initiatives, as well as future projects, including a new pool software and new financial products related to cryptocurrency mining, transacting and asset management. It will also help accelerating the company's nanotechnology R&D for its next-generation ASIC hardware.
KnCMiner co-founder Sam Cole stated:
"We are delighted to welcome our new investors and thrilled to have the opportunity to extend our lead within the Bitcoin ecosystem. In tandem with our considerable investments in IP, this round of funding will further cement our lead in hardware design and deployment of cryptocurrency services."
In November 2013, the Swedish Bitcoin mining equipment manufacturers sold out of its monthly stock in only 4 days. Since its launch in April 2013, the company sold over $70M worth of products, and has generated more than $40M in mining operations.
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