Bitcoin miner manufacturer Auradine raises $80 million Series B ahead of halving

Auradine, a web infrastructure startup that also manufactures Bitcoin miners, has raised $80 million in a Series B funding round.

Several investors, including StepStone Group, Top Tier Capital Partners, MVP Ventures, Maverick Capital, Celesta Capital, Mayfield Fund and Marathon Digital, joined the “oversubscribed” round, Auradine said Wednesday.

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Auradine was initially looking to raise $70 million but ended up raising more due to greater investor interest, co-founder and CEO Rajiv Khemani told The Block. Auradine began raising Series B earlier this year and closed it last week, he said.

Like its $81 million Series A round last year, Auradine’s Series B round is also a mix of equity and debt. It consists of $60 million in equity and $20 million in debt, Khemani said.

The Series A round had brought Auradine’s valuation to over $500 million. Khemani declined to comment on the latest valuation but said Auradine has yet to reach unicorn status. However, the company is “very optimistic” about reaching a $1 billion valuation in the future based on product and customer traction and progress, said Khemani.

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 achieved $80 million in bookings already and have an order pipeline of over $200 million,” he said.

“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,” he added.

Founded in 2022, California-based Auradine launched its Teraflux bitcoin miners last November. The company has so far shipped its machines to over 30 “leading data-center-scale” miners. Auradine designed its bitcoin miners in the U.S., which it said is a critical factor for decentralized supply and national security in the current geopolitical landscape.

Bitcoin miners are Auradine’s first product line. It plans to launch more products for the blockchain and artificial intelligence industries. “We are working on an additional blockchain product line and an AI product line,” Khemani said. “Both are in the development stage. We expect to provide disruptive solutions in these areas.”

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There are currently around 75 people working for Auradine, and it plans to hire more people, particularly in research and development and supply chain operations, Khemani said.

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