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Auradine raised $80 million in Series B round ahead of Bitcoin halving

The investment may allow Auradine to further develop its business and strengthen its position in the market.

Date: 2024-04-16 Author: Marek Stiller
Auradine raised $80 million in Series B round ahead of Bitcoin halving

Bitcoin mining equipment maker Auradine has raised $80 million in a Series B funding round to expand its business in the blockchain, security and artificial intelligence industries.

According to Auradine’s recent announcement, the round included new investors, including StepStone Group, Top Tier Capital Partners, MVP Ventures and Maverick Capital, as well as leading strategic investors and angel investors. Existing investors such as Celesta Capital, Mayfield Fund and Marathon Digital also participated in the financing.

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Initially, Auradine aimed to raise $70 million in Series B financing, but the company’s shareholder base increased, leading to a total of $80 million raised, said co-founder and CEO Rajiv Khemani.

“Auradine’s remarkable journey from its inception to fulfilling significant orders in such a short period of time is a testament to its fascinating solutions and the team’s execution capabilities,” – Mayfield Fund managing partner Navin Chaddha said .

“We are thrilled to support Auradine in continuing to pave the way in blockchain and artificial intelligence infrastructure with efficient and sustainable solutions,” – Chaddha said.

This $80 million Series B funding followed an $81 million Series A round for Auradine, led by Celesta Capital and Mayfield in 2022.

Another $80 million in bookings

The company started with the goal of transforming the blockchain market through Teraflux Bitcoin ASIC Miners. These miners have been recognized for their speed and efficiency with competitive performance and power consumption.

The Teraflux line includes Auradine’s proprietary EnergyTune and AutoTune technologies, designed to meet grid stability and demand response standards.

The bitcoin mining equipment manufacturer also announced that it has bookings worth $80 million and an order backlog exceeding $200 million as it continues to expand its global customer base.

“We are very proud of the progress our team has made in delivering innovative, energy-efficient and secure productsto our customers,” Khemani said.

“The high number of orders reflects the confidence our customers have in us,” he continued. “With the new financing, we will increase production capacity and accelerate investment in our product development plans.”

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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