Key Points
- Auradine, a startup specializing in web infrastructure and Bitcoin mining, has secured $80 million in a Series B funding round.
- The company anticipates a surge in demand for its Teraflux Bitcoin miners ahead of the upcoming Bitcoin halving event.
Auradine, a startup known for its web infrastructure and Bitcoin mining technology, recently garnered $80 million in a Series B funding round. This round was oversubscribed, with notable contributors including StepStone Group, Top Tier Capital Partners, MVP Ventures, Maverick Capital, Celesta Capital, Mayfield Fund, and Marathon Digital.
Initially, Auradine aimed to raise $70 million. However, due to increased investor interest, the final tally exceeded their original goal. Co-founder and CEO, Rajiv Khemani, stated that the Series B round began earlier this year and concluded last week.
Series B Funding Composition
The Series B round, similar to the $81 million Series A round from last year, was a combination of equity and debt. It was comprised of $60 million in equity and $20 million in debt. Despite not disclosing the latest valuation, Khemani did share that Auradine has not yet achieved unicorn status. Nevertheless, he expressed optimism about the company reaching a $1 billion valuation in the future, based on product and customer traction and progress.
Bitcoin Halving and Auradine’s Future Plans
Auradine’s Series B funding round comes just before the expected Bitcoin halving event. Khemani reported a strong demand for Auradine’s Teraflux Bitcoin miners, with bookings already reaching $80 million and an order pipeline exceeding $200 million.
Auradine, based in California, launched its Teraflux Bitcoin miners in November 2021. The company has shipped its machines to over 30 leading data-center-scale miners. Auradine’s Bitcoin miners, designed in the U.S., are seen as a crucial element for decentralized supply and national security in the current geopolitical context.
The Bitcoin miners are Auradine’s first product line. However, the company plans to expand its offerings to the blockchain and artificial intelligence industries. They are currently developing an additional blockchain product line and an AI product line, aiming to provide disruptive solutions in these areas.
Auradine currently employs around 75 people and plans to expand its team, particularly in research and development and supply chain operations.
