Bitcoin mining company KnCMiner has raised $15m in Series B funding.
Led by international venture capital fund Accel Partners, the round also included existing investors of the Stockholm-based mining company GP Bullhound and Creandum, as well as noted Swedish investor Martin Wattin.
Creandum led the mining firm’s $14m Series A round, announced in September, which also saw participation from GP Bullhound.
KnC says it plans to use the latest funding in expanding its operational capacity, as well as furthering the development of its next-generation 16-nanometer mining chip… According to co-founder and CEO Sam Cole, the company has finalised the design of the 16nm chip and expects a smooth development process to take place over the months ahead.
VCs bullish on mining’s future
Cole said that Accel’s participation in the round indicated growing interest among a broader range of investors in bitcoin and expressed the belief that more diverse sources of capital will enter the bitcoin space, with a focus on mining in particular, in the months ahead.
As part of the Series B deal, Accel partner Michiel Kotting will become a member of KnC’s board, while Fred Destin, also a partner, will act as an observer.