Accel Partners, Creandum & GP Bullhound Sidecar invest in KnCMiner

State-of-the-art chip design and cloud services for blockchain-based applications and crypto currency mining.

February 03, 2015

GP Bullhound acted as the exclusive financial advisor to KnCMiner on a $15m Series B investment led by Accel Partners with participation from existing investors including Creandum, GP Bullhound Sidecar and Martin Wattin. KnCMiner plans to use the new capital, in addition to cash generated through operations, to increase its bitcoin mining capacity and continue to build the bitcoin-processing infrastructure of the future. KnCMiner has also completed its 16nm chip tape-out with Alchip at Taiwan Semiconductor Manufacturing Co Ltd (TSMC) and expects to be first to market with this next generation chip technology.

Team

Per Roman

Sector

Software

Region

Founded in 2013, KnCMiner is a global Technology leader in the Bitcoin space. KnCMiner has an exceptional track record of delivering next generation ASIC chips to the market. Based in Sweden, KnCMiner develops state-of-the-art chip design and cloud services for blockchain-based applications and crypto currency mining. KnCMiner also runs industrial-scale operations in other locations globally with the main focus in the Arctic Circle. For more information, visit the KnC website at www.kncminer.com

Sam Cole, co-founder and CEO of KnCMiner, said: “We have invested more than $70M over the last 12 months into building a world-class bitcoin mining operation and plan to invest a further $150M over the next 18 months as we become one of the key transaction processors within Bitcoin. We are delighted to be partnering with Accel in this next chapter, as we continue building our brand and relationships within the Bitcoin and broader financial communities.”

“The founders Sam and Marcus have managed in a short period of time to build a global leader in the blockchain/bitcoin ecosystem, one of the most dynamic and disruptive areas of the technology landscape. Their ambition, speed of execution and laser focus is bar none. As such, it is our utmost pleasure to act both as advisor and investor in KnCMiner”, commented Per Roman, Managing Partner of GP Bullhound.