TORONTO--(BUSINESS WIRE)--ePIC Blockchain Technologies Inc.("ePIC"), North America’s sole Blockchain semiconductor design and mining rig vendor, announced today the completion of its Series A funding round for USD 7.5 million. Fort Capital Partners advised ePIC in the evaluation and structure of the offering.
“2021 will be a stellar year for ePIC,” said Henry Quan, Chief Marketing Officer of ePIC. “With a strong order book and a surging cryptocurrency market, ePIC is poised to become a major supplier of mining rigs worldwide. By the end of this year, ePIC will have a portfolio of 3 mining rigs, addressing a market potential exceeding $1 billion of mining rewards.”
Funding Prototype Cost of ePIC’s 3rd Blockchain Mining Rig
The proceeds from this raise, along with early customer orders, will be used to fund the prototyping and pre-production costs of ePIC’s third mining rig. Code-named “Amnesia”, this ASIC has been in development since early 2020 and is expected to launch in Q4 2021.
In addition to its SC200 rig for Siacoin and Amnesia, ePICs aims to be in production with 1 other Altcoin mining rig in Q3 2021.
Diversifying Global Cryptocurrency Hashrate
With over $1 billion raised by publicly listed miners during the last 6 months, plans have been announced for an aggregate of 720MW of power capacity for North American datacenter and mining operations. The growth in power capacity and the emergence of local equipment vendors like ePIC marks a major milestone towards the decentralization of global hashrate production. North America is poised to become a leading provider of cryptocurrency mining hashrate.
Peter Wall, CEO of LSE listed Argo Blockchain said: “Over the next 18 months, Argo Blockchain will be building out 200MW of mining capacity at our new facility in West Texas. With the priority supply agreement we have signed with ePIC, their machines will be a big part of our mining operations there. Argo is excited about working with ePIC - they are truly one of the industry's preeminent ASIC design firms.”
Statements of Support:
Nick Hansen, CEO, Luxor Technologies
“ePIC have been pioneers in the space, achieving what some have thought to be impossible. Their first-generation Siacoin miners are best-in-class and I'm excited to see what else they have in store. With the triumvirate of Luxor's mining pools, Argo's infrastructure and ePIC's mining machines, the North American mining landscape has never looked better. I look forward to standing beside them through their journey.”
Jonathan Hess, Managing Director, Fort Capital
“The overwhelmingly positive response from institutions and financial advisors reinforces the market interest in the infrastructure or “picks 'n shovels” role that ePIC provides within the cryptocurrency ecosystem. Given the team’s strong track record building winning technology while at ATI and AMD, Fort Capital is watching to see ePIC become a leader in the digital asset infrastructure market.”
About ePIC Blockchain
ePIC Blockchain is North America's only Cryptocurrency ASIC and Mining Rig supplier. ePIC's engineering team has developed semiconductor technology for many popular products over the past decade including 10 generations of AMD GPUs and 6 generations of GPU IP for game consoles including the Playstation 4 and 5.
ePIC makes superior products for Altcoin mining. ePIC is currently shipping Mining Rig for Siacoin and has 2 ASIC Mining Rigs slated for release during 2021. For more information, please visit www.epicblockchain.io
About Fort Capital
With offices in Toronto, Vancouver, and Calgary, Fort Capital Partners (“FCP”) is one of Canada’s largest boutique investment banking firms. FCP has advised ePIC on capital formation exceeding $15M USD in 2021. For more information, please visit www.fortcapital.ca