KnCMiner has secured $14 million in Series A funding, led by venture capital firm Creandum. The funding will be used to “to expand its mining operations and ability to offer services to consumers in relation to the Bitcoin environment.”
KnCMiner notes that the funding comes as the company has expanded from a mining equipment manufacturer to now offer software, apps and cloud services. It also offers its own bitcoin wallet, KnCWallet. Sam Cole, the company’s co-founder, also mentioned recent investments in intellectual property.
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GP Bullhound, a technology-focused investment banking group with a presence in both London and Stockholm, KnC’s home, advised on the deal. Its Managing Partner Per Roman said:
“We believe bitcoin will have a tremendous impact on a global scale. KnC is already the leading vendor of mining equipment and we are delighted to act as advisor as well as investor to this world-class management team.”
Last week, KnC announced its launch of cloud-based mining contracts.