Around ten days ahead of highly anticipated halving, California-based web infrastructure startup known for its Bitcoin miners, Auradine, has successfully secured $80 million in a Series B funding round.
This funding, described as “oversubscribed,” saw participation from several prominent investors, including StepStone Group, Top Tier Capital Partners, MVP Ventures, Maverick Capital, Celesta Capital, Mayfield Fund, and Marathon Digital.
$1B Valuation Target
Initially aiming for $70 million, Auradine’s successful fundraising was attributed to heightened investor interest. Co-founder and CEO Rajiv Khemani stated that the Series B round, which started earlier this year, concluded just last week. Notably, this funding is a blend of equity and debt, with $60 million in equity and $20 million in debt.
Auradine, with its Series A round of $81 million last year, marked its valuation at over $500 million. While Khemani refrained from quoting the updated valuation, he expressed optimism about the company’s trajectory, anticipating a future valuation of $1 billion.
He stated:
“We are very proud of the advancements that our team has made in bringing innovative, energy-efficient, and secure products to our customers. The strong orders and pipeline reflect the confidence our customers have in us. With this new funding, we will ramp up production capacity and accelerate investments in our product roadmaps.”
Auradine’s Strategic Move Ahead of Bitcoin Halving
The timing of Auradine’s Series B round is particularly noteworthy, aligning with the impending Bitcoin halving event. Khemani highlighted the burgeoning demand for Auradine’s Teraflux bitcoin miners, boasting $80 million in bookings and a robust order pipeline exceeding $200 million. He emphasized the significance of energy efficiency and demand response post-halving, stating:
“Halving will further the need for energy efficiency and demand response. Our unique EnergyTune capability and energy-efficient silicon, along with the highest terahash performance, work well for post-halving.”
Massive Support
Navin Chaddha, managing partner at Mayfield Fund, lauded the firm’s remarkable progress and expressed confidence in the company’s future endeavors. He stated:
“We are delighted to support Auradine as it continues to pave the way in blockchain and AI infrastructure with impactful and sustainable solutions.”
Similarly, John Avirett, Partner at StepStone Group, praised Auradine’s focus on energy efficiency and secure solutions, aligning with their investment philosophy. Andre De Baubigny, Co-founder and General Partner at MVP Ventures, commended the firm’s agility and innovation in a complex market.
“Auradine’s achievements with cutting-edge technologies and securing significant business speak volumes,” Baubigny stated.
About Auradine
Established in 2022, Auradine introduced its Teraflux bitcoin miners in November 2023. These machines have been deployed to over 30 prominent data-center-scale miners. The company’s commitment to designing its bitcoin miners in the United States is hailed as a strategic move for decentralized supply and national security, given the current geopolitical landscape.
While Bitcoin miners constitute its primary product line, the company is actively developing additional offerings for the blockchain and artificial intelligence sectors. Currently, the company boasts a workforce of around 75 individuals, with plans for further expansion, particularly in research and development and supply chain operations.
