Coindesk reports that Israel-based mining hardware maker Spondoolies-Tech has secured $5 million in Series B funding, bringing total investment to $11 million.

The round’s main contributors were Agile Wings, BRM Group and Genesis Partners, as well as Angel investors Olivier Janssens and Eden Shochat.

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The company develops mining equipment, including what it says is the most powerful miner in the world: the “SP35- Yukon Power”, with a hashrate of 6 TH/s.

The company will use the funding to develop its third, fourth and fifth generation ASICs and is looking to compete with the likes of BitFury. CEO Guy Corem said that he’s aiming to reduce power consumption to 0.05 W/GHs, costing $0.03/GHs, by mid-2015. By then, he would like to power 30% of the network.

The target is to release one 28 nm and two 16 nm ASICs by the second half of 2015, which will cost a total of $7 million.

The investment comes as hardware firms look to make the most out of hashrate during an era of low bitcoin prices. KnCMiner is reportedly seeking up to $50 million in funding to develop new data centers and equipment, and command 20 percent of the market.

Corem offered his outlook for the industry at InSide Bitcoins Tel Aviv, where he reiterated that the industry will consolidate into a few big players over the next few years.

Corem also said that they are not interested in actively mining, instead creating a franchise model where Spondoolies supplies the know-how to its partnered clients.

For a detailed list of recent investment and M&A activity in the crypto industry, please visit the DC Magnates Crypto Deal Table.