If knowledge of the BitFury brand was confined to the bitcoin ecosystem prior to this year, the Amsterdam, Riga and San Francisco-based company has done its best in 2014 to change this, raising $40m through two funding rounds and adding executives with experience at Samsung and VeriFone to its newly created strategic advisory board.
BitFury has dominated VC funding in the bitcoin mining vertical in what has so far proved to be a year shaped by big fundraising announcements. At press time, BitFury accounts for 65% of all investments made in mining companies so far this year, and over 10% of the funding raised publicly by all bitcoin companies, a figure equalled only by bitcoin services provider Xapo.
Speaking to CoinDesk, CEO Valery Vavilov discussed BitFury’s larger strategy in the bitcoin market, while emphasizing that he sees the company as one that can extend its reach beyond the industrial mining and business-to-business (B2B) hardware markets.
We’re a technology company, but we’re focused on bitcoin now. Our vision in the next three to five years is to move into different areas where computing power is valuable. We plan to expand into other fields of knowledge where humanity needs a lot of computing power.