BitFury Group, the leading mining hardware producer and transaction processing company announced closing of another funding round which secured $20 million. Key investors included DRW Venture Capital, iTech Capital and Georgian Co-Investment Fund.
The funds will be used to support BitFury’s accelerating growth and its technology and business expansion. Valery Vavilov, CEO of BitFury said:
“Today, we are excited to announce we have secured a funding round of $20 million. The success of yet another funding round validates our business strategy and brings us closer to our ambitious goals.”
As independent sources of market data report, BitFury has recently tripled its market share and keep increasing its computing power in the Bitcoin network. According to the same source, BitFury now processes more blocks than all of the private entities combined.
Don Wilson, Founder of DRW Venture Capital, comments: “DRW’s investment in BitFury is an acknowledgment of the impressive work Valery Vavilov and the team has done to become a leader in the business of securing the blockchain. By supporting BitFury’s efforts in this regard, and by providing liquidity in bitcoin via its wholly owned subsidiary, Cumberland, DRW aims to facilitate the widespread adoption of the distributed ledger technology.”
BitFury Group has recently launched a series of bold initiatives, such as building a Techno Park that will host a new mega data centre in Tbilisi, Republic of Georgia. The centre will process transactions using BitFury latest generation ASIC chips. It will also implement the energy-efficient immersion cooling technology by Allied Control acquired by BitFury this January.
Gleb Davidyuk, Managing Partner of iTech Capital said:
“Blockchain is one of the most promising and disruptive technologies we’ve seen in the FinTech industry for the past 15 years. We’ve kept an eye on Blockchain since its inception and are confident in its global recognition and following success. For a professional investor it is always a welcoming opportunity to recognize the early trends and to support a recognized leader within the industry. BitFury’s team has unique set of corporate and technical skills enabling it to maintain its lead in the long term and continuing success.”
Several Georgian financiers have voiced a heavy critique of bitcoin and of those who invest in it, including the Co-Investment fund, created by Bidzina Ivanishvili, a prominent Georgian entrepreneur and the country’s former Prime Minister.
Kleiner Perkins Caufield & Byers, the largest and most established venture capital firm according to the Wall Street Journal, has made its first investment in a blockchain company.
BitFury's project to implement portable mining devices into light bulbs has undergone multiple iterations, the company's representative shared with CoinDesk.
In the first half of September, almost $50 million were invested in cryptocurrency startups. The lion’s share was taken by Chain and Abra. Evidently, the venture capitalists are not disappointed in bitcoin.
