Auradine, a Silicon Valley-based startup focusing on cutting-edge technology for AI data centers and Bitcoin mining, has successfully raised $153 million in a Series C funding round. This significant investment will serve to enhance the company’s offerings in infrastructure related to AI and blockchain technologies. The funding round was led by StepStone Group, with participation from prominent investors such as Maverick Silicon, Premji Invest, Samsung Catalyst Fund, and Qualcomm Ventures. Although Auradine reported that the round was oversubscribed, they have not disclosed the exact amount or valuation at which the funds were raised.
In conjunction with the funding announcement, Auradine introduced AuraLinks AI, a new business division dedicated to creating networking solutions aimed at minimizing energy and cooling expenses in data centers. This initiative comes at a time when energy demands for AI data centers are projected to surge by 165% by 2030, according to Goldman Sachs. As energy costs continue to rise, building a small-scale AI data center can cost anywhere from $10 million to $50 million, while larger facilities may require investments in the hundreds of millions.
Auradine’s core business lies in the design and manufacture of application-specific integrated circuits (ASICs) for Bitcoin mining. The company has identified a strategic opportunity within the ongoing US-China trade tensions and the initiatives led by US President Trump to prioritize domestic manufacturing. Currently, one of Auradine’s main competitors, the Chinese firm Bitmain, holds an astounding 90% market share in the Bitcoin mining market.
Looking ahead, the cryptocurrency mining market, valued at $2.5 billion in 2024, is expected to grow at a compound annual growth rate (CAGR) of 13% until 2034, potentially reaching a market size of $8.2 billion within the next decade, according to Precedence Research. The increasing Bitcoin hashrate alongside higher energy demands following each halving is intensifying competition among miners. This competitive landscape might pave the way for newer players to secure a foothold in the market.
Trump’s ambition to establish the US as “the crypto capital of the planet” coupled with a mantra of bringing manufacturing back to American soil plays a crucial role in shaping the future of Bitcoin mining in the region. Although the US currently accounts for over 40% of the Bitcoin hashrate, local miners still heavily depend on equipment produced in China. In total, Auradine has accumulated over $300 million through various funding rounds, including an $80 million Series B round, which was also oversubscribed.
