Auradine, a startup specializing in web infrastructure and the production of Bitcoin miners, has successfully secured $80 million in a Series B funding round.
The funding round was oversubscribed, with participation from several investors including StepStone Group, Top Tier Capital Partners, MVP Ventures, Maverick Capital, Celesta Capital, Mayfield Fund, and Marathon Digital, Auradine announced on Wednesday.
Initially targeting $70 million, Auradine exceeded its fundraising goal due to heightened investor interest, according to co-founder and CEO Rajiv Khemani. The Series B fundraising efforts commenced earlier this year and concluded just last week.
Similar to its previous $81 million Series A round last year, Auradine’s Series B financing comprises a combination of equity and debt. Khemani specified that it includes $60 million in equity and $20 million in debt.
While the Series A round propelled Auradine’s valuation to over $500 million, Khemani refrained from disclosing the latest valuation. However, he expressed optimism about the company’s trajectory towards reaching a $1 billion valuation in the future, citing product development, customer traction, and overall progress.
Auradine’s Series B financing comes amid anticipation for the Bitcoin halving event expected in the upcoming week. Khemani noted strong demand for Auradine’s Teraflux bitcoin miners, with bookings already reaching $80 million and an order pipeline exceeding $200 million.
He emphasized the importance of energy efficiency and demand response, particularly post-halving, and highlighted Auradine’s EnergyTune capability and energy-efficient silicon, coupled with high terahash performance.
Founded in 2022 and headquartered in California, Auradine introduced its Teraflux bitcoin miners in November last year. The company has supplied these machines to over 30 major data-center-scale miners. Auradine’s decision to design its bitcoin miners domestically in the U.S. is strategic, aimed at ensuring decentralized supply and bolstering national security in the current geopolitical landscape.
While Bitcoin miners constitute Auradine’s primary product line, the company is actively developing additional products for the blockchain and artificial intelligence sectors. Khemani disclosed ongoing efforts in developing new blockchain and AI product lines, expecting to offer innovative solutions in these domains.
Currently employing approximately 75 individuals, Auradine plans to expand its workforce, particularly in research and development and supply chain operations, Khemani confirmed.
