US Bitcoin Miner Maker Auradine Raises $80M in Series B

Auradine, the U.S.-based bitcoin mining ASIC chip designer and miner manufacturer, has raised $80 million in a Series B financing round.

The firm said on Wednesday that new investors in the round include StepStone Group, Top Tier Capital Partners, MVP Ventures, and Maverick Capital. Existing investors like Celesta Capital, Mayfield Fund, and Marathon Digital (NASDAQ: MARA) also participated in this round, according to the announcement.

In addition, Auradine said it has received books of $80 million for its miners, touting a pipeline of over $200 million.

Auradine has shipped some test units of its AT1500 Teraflux miners to selected users since Q4. According to a recent specification review done by Compass Mining, the AT1500 miner was capable of delivering an efficiency of 22 J/TH as advertised.

Auradine also announced the newer generation of AT2880 and AI3680 miners in November and said the shipment will start in Q2. It claimed the newer generation equipment can achieve an “optimal efficiency” of 15J/TH.

“With this new funding, we will ramp up production capacity and accelerate investments in our product roadmaps,” said Rajiv Khemani, co-founder and CEO of Auradine.

Auradine raised $81 million in a Series A round in 2022 and Marathon Digital invested $35 million in the round.