BitFury Secures USD20m in funding

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BitFury Group, the Bitcoin Blockchain infrastructure provider and transaction processing company, has secured USD20 million in funding. Investors participating in the round include DRW Venture Capital, iTech Capital and the Georgian Co-Investment Fund.

Don Wilson, Founder of DRW Venture Capital, says: “DRW's investment in BitFury is an acknowledgment of the impressive work Valery Vavilov and the team has done to become a leader in the business of securing the blockchain. By supporting BitFury’s efforts in this regard, and by providing liquidity in bitcoin via its wholly owned subsidiary, Cumberland, DRW aims to facilitate the widespread adoption of the distributed ledger technology.”
 
Gleb Davidyuk (pictured), Managing Partner of iTech Capital, adds: “We are pleased with our investment in BitFury, which has solidified its market-leading position by providing its cutting edge technologies to support Bitcoin Blockchain infrastructure. We are confident there are many growth opportunities with Bitcoin technologies and we believe that Bitfury is well-positioned for further expansion.“

The proceeds will support BitFury’s accelerating growth and its technology and business expansion. The company has recently rolled out its market-leading, energy-efficient 28 nm chip, as well as acquired Allied Control,  an award-winning immersion cooling technology startup. In addition, BitFury announced plans to expand further in the Republic of Georgia by building a Techno Park to host its new 100 MW data centre.
 
Valery Vavilov, CEO of BitFury, says: “Today, we are excited to announce we have secured a funding round of USD20 million. The success of yet another funding round validates our business strategy and brings us closer to our ambitious goals.”