25 October 2014

Swedish bitcoin biz KnCMiner secures $14 million investment round

05 September 2014  |  1319 views  |  0 Source: KnCMiner

Today we're pleased to announce the completion of our USD14m Series A investment round. After expanding operations from hardware design into software, app and cloud services, the Series A investment round will enable KnCMiner to accelerate in all areas of business.

GP Bullhound, the technology investment bank, acted as the exclusive financial advisor to KnCMiner on this investment round led by Nordic based venture capital fund Creandum. The funding will enable KnCMiner to expand its mining operations and ability to offer services to consumers in relation to the Bitcoin environment.

Sam Cole, Co-founder of KnCMiner, commented: "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."

KnCMiner has, since its inception in April 2013, sold Bitcoin mining equipment for over USD70m and the mining operations has generated more than USD40m of revenue. After branching out into software development KnCMiner has released the mobile Bitcoin wallet KnCWallet, and developed a powerful new proprietary cloud mining management/front-end system, from scratch.

KnCMiner developed and delivered the world's first 20 nanometer Bitcoin chip and the Series A funding will help accelerate KnCMiner's lead in cutting-edge nanotechnology R&D for its next-generation ASIC hardware. The company is also moving forward in developing new pool software, as well as other new financial products related to cryptocurrency mining, transacting and asset management.

"We believe bitcoin will have a tremendous impact on a global scale. KnC is already the leading vendor of mining equipment and we are delighted to act as advisor as well as investor to this world-class management team" said GP Bullhound Managing Partner Per Roman.

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