KnCMiner Closes $14M Series A Investment Roundby Diana Ngo @ 2014-09-04 06:55 PM
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.
Did you enjoy this article? You may also be interested in reading these ones:
Download our sleek and user-friendly free iOS app so you never miss the latest stories!
- 2014-11-25 04:31 PM
If You Bought From Silk Road, Coinalytics May Have You Mapped. Coinalytics is a Bitcoin data aggregation service that takes requests for transaction-mapping. They work to identify “clusters” in the blockchain and use them in an attempt to connect real-world ident By Amanda B. Johnson
- 2014-11-25 09:44 AM
Western Union Sitting Duck in Bitcoin Viral Ads Blunder. Western Union has become the latest target of one of the Internet’s more sophisticated dethroning campaigns – and, it seems, has already lost the battle to contain the consequences. By William Suberg
- 2014-11-27 11:55 AM
The Ultimate Bitcoin Black Friday Guide. Want to enjoy lavish Black Friday discounts with Bitcoin without the lines, camping out for several days, and the risk of violence? By Alyssa Hertig
- 2014-11-26 11:27 PM
ZDNet’s Ken Hess Attacks Bitcoin as ‘Illegal’. The breaking news on Reddit today is an article by Ken Hess, “reporter” for ZDNet. The Reddit community seems to be in panic mode about Hess’s report that the United States Senate is poised to make Bi By Carlo Caraluzzo
- 2014-11-25 08:32 PM