Auradine, a manufacturer of Bitcoin mining equipment, has secured $80 million in Series B funding to enhance its presence in the blockchain, security, and artificial intelligence sectors. In a recent statement by Auradine, it was revealed that this funding round attracted new investors such as StepStone Group, Top Tier Capital Partners, MVP Ventures, and Maverick Capital, alongside prominent strategic and angel investors. Additionally, existing backers like Celesta Capital, Mayfield Fund, and Marathon Digital joined in the funding efforts.
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
Auradine’s Funding Round Oversubscribed
Auradine’s Series B funding round initially set its sights on securing $70 million. However, the overwhelming interest from investors led to an oversubscription, resulting in a total of $80 million raised, as revealed by co-founder and CEO Rajiv Khemani. This remarkable achievement underscores the strong market demand and investor confidence in Auradine’s vision and offerings.
Navin Chaddha, managing partner at Mayfield Fund, emphasized the significance of Auradine’s journey, from its inception to swiftly garnering substantial orders. He praised the company’s compelling solutions and the team’s exceptional execution capabilities. Chaddha expressed Mayfield Fund’s excitement in supporting Auradine as it continues to lead the way in blockchain and artificial intelligence infrastructure, offering solutions that are both impactful and sustainable.
The $80 million Series B funding marks another significant milestone for Auradine, building upon the success of its previous funding rounds. In 2022, the company secured $81 million in Series A funding, led by Celesta Capital and Mayfield. This consistent investor support underscores Auradine’s position as a key player in the rapidly evolving landscape of blockchain and AI infrastructure.
An Additional $80 Million in Reservations
The company embarked on a mission to revolutionize the blockchain market with its cutting-edge Teraflux family of Bitcoin ASIC Miners. These miners quickly gained recognition for their exceptional speed and efficiency, boasting competitive performance metrics and optimized energy usage.
At the core of the Teraflux line lay Auradine’s proprietary EnergyTune and AutoTune technologies, meticulously crafted to adhere to stringent standards of energy grid stability and demand response, setting a new benchmark in the industry.
In a significant announcement, the bitcoin mining equipment manufacturer revealed that it has amassed an impressive $80 million in bookings, with an order backlog surpassing the $200 million mark, a testament to its growing global customer base.
Rajiv Khemani, expressing pride in the accomplishments of the company’s dedicated team, remarked, “We are very proud of the advancements that our team has made in bringing innovative, energy-efficient, and secure products to our customers.”
Khemani further emphasized the confidence exhibited by their clientele, stating, “The strong orders and pipeline reflect the confidence our customers have in us.” He added, “With this new funding, we will ramp up production capacity and accelerate investments in our product roadmaps,” underscoring the company’s commitment to meeting the evolving demands of the market and sustaining its trajectory of innovation and growth.
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