Auradine, a web infrastructure startup that also doubles as manufacturing. bitcoin BTC
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The miners raised $80 million in a Series B funding round.
Several investors joined the ‘oversubscribed’ round, including StepStone Group, Top Tier Capital Partners, MVP Ventures, Maverick Capital, Celesta Capital, Mayfield Fund and Marathon Digital, Auradine said Wednesday.
Auradine initially planned to raise $70 million, but greater investor interest prompted it to raise more, co-founder and CEO Rajiv Khemani told The Block. Auradine began raising its Series B earlier this year and closed it last week, he said.
Like last year’s $81 million Series A round, Auradine’s Series B round is a mix of equity and debt. Khemani said the company has $60 million in equity and $20 million in debt.
The Series A round raised Auradine’s valuation to more than $500 million. Khemani declined to comment on the latest valuation, but said Auradine has not yet reached unicorn status. But the company is “very optimistic” about reaching a $1 billion valuation in the future based on product and customer traction and advancements, Khemani said.
Auradine’s Series B ahead of Bitcoin halving
Auradine’s Series B round comes ahead of the Bitcoin halving event expected next week. Khemani said Auradine is seeing strong demand for its Teraflux bitcoin miners. “We have already achieved $80 million in bookings and have an order pipeline of over $200 million,” he said.
“The halving will further increase the need for energy efficiency and demand response. Our unique EnergyTune capabilities and energy-efficient silicon perform well post-halving with best-in-class terahash performance,” he added.
California-based Auradine, founded in 2022, launched its Teraflux Bitcoin miner last November. The company has so far shipped machines to more than 30 “leading data center scale” miners. Auradine designed a Bitcoin miner in the United States, which he said is critical to decentralized supply and national security in the current geopolitical environment.
Bitcoin miners are Auradine’s first product line. We plan to launch more products for the blockchain and artificial intelligence industries. “We are developing additional blockchain product lines and AI product lines,” Kemani said. “Both are in the development phase. We expect to provide groundbreaking solutions in this field.”
Auradine currently has about 75 employees and plans to hire more, especially in research and development and supply chain operations, Khemani said.
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