Compute North, an industry leader in economical, large-scale computing infrastructure and cryptocurrency mining, announced this week that it has closed its next growth capital round of $25 million in debt financing and equity to expand capacity and enable further growth.
With more than 920 PH/s under management, the company expects to see that nearly double with the upcoming development.
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Compute North is one of the fastest growing companies in the bitcoin, cryptocurrency, blockchain sector. The company recently announced over 47MW of inbound equipment from Digital Currency Group.
The debt capital comes in the form of a senior secured loan from Post Road Group. Post Road Group is a privately held, US-based, investment group that focuses on private credit and private equity investments in telecommunications, media, technology, business services, and real estate. The company simultaneously closed a strategic equity round including industry leaders, family offices, and strategic partners.
“Compute North has been a pioneer in the TIER 0™ data center market, serving as a next-generation solution for blockchain and high-performance computing,” said Michael Bogdan, Managing Partner of Post Road Group. “We are excited to partner with Compute North and provide growth capital to help the company expand its operations and continue to offer efficient, scalable infrastructure services to its customers.”
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With a focus on building and operating facilities that are designed to scale quickly and operate extremely cost-efficiently, the company allows customers to scale their operations in a fraction of the time. This enables organizations to maximize their operations for non-mission critical applications such as cryptocurrency mining, blockchain, machine learning, and more.
With the rising interest amongst institutional investors, family offices and individuals seeking exposure to digital assets, Compute North is seeing a strong growth in customer demand. Delivering purpose-built blockchain infrastructure combined with managed services the company is able to remove the day-to-day complexities of optimizing mining operations, paving the way for next generation applications and use cases.
“We started Compute North because we saw a unique opportunity to bring together our data center and power expertise and offer our customers a better alternative. We have stood out by providing best in class service, fair and transparent pricing and operational excellence,” said Dave Perrill, CEO of Compute North. “This injection of capital allows the company to meet customer demand, innovate our services, and expand our great team.“
Based on unprecedented demand for its services, the company will continue to seek growth capital to further facilitate customer demand. Houlihan Lokey, a California-based investment bank advised the company on this round of financing and debt.
