US-based blockchain technology provider Bitfury Group completed an $80m private placement on Tuesday that included marketing firm Dentsu, financial services group Macquarie Capital and insurance companies Foyer and MACSF.
The placement was led by Korelya Capital, a growth equity firm backed by internet group Naver, and also featured Jabre, Lian Group, Argenthal, Armat Group, digital asset merchant bank Galaxy Digital and venture capital firm iTech Capital.
Founded in 2011, BitFury has developed computing and processing technology for businesses looking to execute blockchain applications, and also provides security for cryptocurrency Bitcoin’s blockchain.
Proceeds from the round will be used to expand into adjacent areas such as artificial intelligence. It brought BitFury’s overall funding to about $170m, including $30m from financial services provider Credit China Fintech in January 2017.
The company raised $20m from Binary Financial, Crypto Currency Partners, Georgian Co-Investment Fund, Queensbridge Venture Partners and ZAD Investment Company in a 2014 series A round.
BitFury added $20m in series B funding from existing backers later the same year and an additional $20m in 2015 from DRW Venture Capital, the corporate venturing arm of trading group DRW, as well as iTech Capital and Georgian Co-Investment Fund.
Investment bank Bryan, Garnier & Co was financial advisor and placement agent for Bitfury in the round.
