Compute North Announces $25M in Growth Capital Funding
- S&P 500, Dow snap two-day fall, Netflix keeps Nasdaq in check
- Netflix (NFLX) Plunges Following Q1 Sub Miss, But One Analyst Sees Chance to Turn Bullish
- Oil prices drop as India's COVID-19 surge dents demand outlook
- Intuitive Surgical (ISRG) Q1 Beat Prompts Two Street Upgrades
- Dollar firm as COVID-19 resurgence dampens risk appetite
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Company is on track to grow the team, expand operations and accelerate new projects.
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--
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.
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.”
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.
About Compute North
Compute North is the North American leader in TIER 0™ computing. The company provides efficient, low-cost, and highly scalable infrastructure for clients in the blockchain, cryptocurrency mining and the high-performance computing space. With operations in Texas, South Dakota, and Nebraska, Compute North brings a unique combination of data center, energy, and computing expertise to deliver the lowest cost computing in the world. For additional information, please visit computenorth.com.
About Post Road Group
Post Road Group (“Post Road” or “PRG”) is a private investment firm located in Stamford, Connecticut investing in corporate credit and real estate. Since its founding in 2015, Post Road Group has completed over $1 billion of investments. PRG’s Corporate Credit platform provides growth capital through senior secured loans and structured equity investments in the Technology, Media, Telecommunications (“TMT”), and business service industries, with a focus on telecom infrastructure and communications services in the lower-middle market, providing high-growth companies with flexible capital for strategic acquisitions, organic growth, and other special situations. The Firm’s Multifamily platform acquires and operates well-located multifamily properties nationwide, with a focus on attractive in-place cash flow and the ability to create value through repositioning. The Firm’s Real Estate Credit platform provides fast, flexible lending solutions to real estate owners, leveraging its extensive network and expertise to source investments that require flexible capital, need to close quickly, or are overlooked by banks and other traditional lenders. For more information about Post Road Group, please visit www.postroadgroup.com.
Source: Compute North
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Vatic Investments Appoints Allen Poteshman, Ph.D., as Chief Investment Officer and Head of Statistical Arbitrage
- The Habit Burger Grill Makes Brunch A Habit With Their New Brunch Charburger
- Goldman Sachs Survey of Small Business Owners Shows a Fragile Recovery
Create E-mail Alert Related CategoriesBusiness Wire, Press Releases
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!