Bitfury Successfully Completes $80 Million Investment Round From Institutional And Corporate Investors

Bitfury, announced the successful completion of an $80 million private placement on November 6, 2018.


 The full-service blockchain technology provider, Bitfury, announced the successful completion of an $80 million private placement on November 6, 2018.

Bitfury’s private placement was led by the European growth capital firm backed by Naver Group, Koreyla Capital.

Private placement result of the past success

Talking about his company’s successful private placement, the CEO and co-founder of Bitfury, Valeri Vavilov declared that the result of the funding is in line with Bitfury’s great achievements in 2018 in the field of high-performance computing and emerging technologies, such as the artificial intelligence (AI).

Vavilov added that this was the year of Bitfury’s great expansion and that the company is looking to build on that success in 2019, and beyond.

Executive vice chairman of the company, George Kikvadze found the reason for the private placement’s successful completion in the fact that investors believe that Bitfury holds a strong position to lead the market into another period of growth.

He also added that Bitfury scores a yearly revenue of around $500 million, which puts the company into the pole position in the race for the dominating B2B (business to business) global technology infrastructure provider. 

A formidable list of investors

The $80 million growth fundraiser, which was advised by Bryan, Garnier &Co., was joined by some well-known names from the world of finances.

According to the announcement, among those who found the placement to be a lucrative investment were Macquarie Capital, Dentsu Inc., Armat Group, Jabre and Lian Group, Argenthal Capital Partners, MACSF, Digital Galaxy, and iTech Capital.

The co-founder of Koreyla Capital, Antoine Dresch, had nothing but praises for the blockchain industry giant in the making, stating that Bitfury had risen from a small startup to become the largest western blockchain unicorn, backed by the world-class leadership and expertise.

Dresch also emphasized Bitfury’s tendency to constantly produce innovative solutions for the whole blockchain ecosystem.

A full-grown business

Bitfury isn’t by any means a new kid on the block(chain). Since the founding in 2009, the company has grown massively.

The Bitfury Group is now known to be one of the largest full-service blockchain technology companies in the world, producing solutions utilized by businesses, governments, organizations, and individuals to securely move assets across the blockchain.

Their products range from hardware, such as the Bitfury Clarke Bitcoin ASIC mining chip, or the Bitfury Tardis mining server, to software products like Exonum and Crystal.

Although the Bitfury Group is a leading infrastructure provider for bitcoin mining, they are highly considerate of the energy that’s being spent in mining operations.

In line with that attribute, the company is committed to operating their data centers on renewable energy sources, and immersion-cooling technology development, which serves to reduce the energy consumption of mining operations. 

In 2018, the Bitfury Group has offices around the world, from Washing D.C to London to Tokyo, they even operate data centers in Iceland, Georgia, Canada, and Norway.

Besides the core team, the company employs 700 people across 17 countries worldwide.

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