Auradine, a manufacturer of Bitcoin mining equipment, has secured $80 million in a Series B funding round aimed at bolstering its presence in the blockchain, security, and artificial intelligence sectors.
In a recent statement by Auradine, the funding round welcomed new investors such as StepStone Group, Top Tier Capital Partners, MVP Ventures, and Maverick Capital, alongside key strategic and angel investors.
Notably, existing investors including Celesta Capital, Mayfield Fund, and Marathon Digital also joined in on this funding initiative.
Auradine’s Oversubscribed Funding Round
“Auradine initially aimed to secure $70 million for its Series B funding, but the round was oversubscribed, leading to a total of $80 million raised,” said Rajiv Khemani, the co-founder and CEO.
“The remarkable journey of Auradine from its inception to achieving substantial orders in such a short time frame is a testament to its compelling solutions and the team’s execution capabilities,” remarked Navin Chaddha, managing partner at Mayfield Fund. “We are delighted to support Auradine as it continues to pave the way in blockchain and AI infrastructure with impactful and sustainable solutions,” he added.
This $80 million Series B funding follows Auradine’s $81 million Series A, led by Celesta Capital and Mayfield in 2022.
Another $80 Million in Bookings
The company embarked on a mission to revolutionize the blockchain market through its Teraflux family of Bitcoin ASIC Miners, renowned for their impressive speed and efficiency, boasting competitive performance metrics and minimal energy consumption.
Central to the Teraflux line were Auradine’s proprietary EnergyTune and AutoTune technologies, meticulously crafted to adhere to energy grid stability standards and demand response requirements.
Furthermore, the bitcoin mining equipment manufacturer disclosed having amassed $80 million in bookings, with an order backlog surpassing $200 million, indicative of its expanding global clientele.
“We take immense pride in the strides our team has made in delivering innovative, energy-efficient, and secure products to our customers,” remarked Khemani.
Khemani also expressed, “The robust orders and pipeline underscore the trust our customers have placed in us. With this fresh injection of funding, we are poised to scale up production capacity and expedite investments in our product roadmaps.”
