Auradine, a bitcoin miner manufacturer, has raised $153 million in a Series C funding round as it expands into AI infrastructure.
Like its previous two rounds, the Series C funding includes both equity and debt, with equity making up the majority. “The Series C round is largely an equity investment of $138 million with an added $15 million of venture debt,” Auradine co-founder and CEO Rajiv Khemani told The Block.
Khemani said the round was oversubscribed by over 22%, as the company originally planned to raise $125 million.
The round was led by StepStone Group, with participation from Maverick Silicon, Premji Invest, Samsung Catalyst Fund, Qualcomm Ventures, Mayfield, MARA Holdings, GSBackers and other existing investors, according to Auradine.
The company began raising for the Series C round in late 2024 and closed it earlier this month, Khemani said. The fresh capital brings Auradine’s total funding to over $300 million. While Khemani declined to disclose the company’s valuation, he noted that Auradine expects to be EBITDA-positive within the next few quarters. EBITDA refers to earnings before interest, taxes, depreciation and amortization.
Auradine’s growth plans
With the new funding, Auradine plans to expand both its core bitcoin miner manufacturing business and its newly launched AI infrastructure division, AuraLinks AI.
Founded in 2022 and based in California, Auradine manufactures bitcoin miners under the Teraflux brand. The company says it is the only U.S.-based firm producing American-engineered bitcoin miners, directly competing with Chinese hardware makers. Auradine said its machines power over 40 major data center operators, including Marathon Digital.
Auradine currently has an annualized revenue run rate of over $150 million from its bitcoin miner manufacturing business, with a strong and growing order pipeline, according to Khemani.
The company’s newly launched AuraLinks AI division is focused on building networking infrastructure for AI data centers. “The vision is to develop breakthrough open data center networking solutions for the AI era,” Khemani said. “We are in the development phase and plan to announce products later this year.”
Last December, Auradine announced AuraLinks, a networking fabric — the tech that efficiently moves data across AI servers. Today’s AuraLinks AI announcement marks the launch of a dedicated AI business unit.
Auradine previously also incubated an AI cybersecurity tools startup called Aurascape AI in 2023. Khemani said Aurascape AI has since spun out as a separate company with its own products and “strong market momentum.”
While Auradine is expanding into AI, bitcoin mining remains its primary business. “AI also has strong complementarity with bitcoin mining technology and go-to-market in terms of leading-edge silicon (e.g., 3nm ASICs), thermal cooling solutions, full system solutions and energy load balancing across bitcoin and AI datacenters,” Khemani said.
Auradine currently employs over 100 people and plans to grow its headcount, particularly on the engineering side, Khemani said.
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