KnCMiner AB, a company that creates Bitcoin mining rigs, announced it’s raised $14 million in a Series A funding round led by Nordic-based venture capital firm Creandum and advised by technology investment bank GP Bullhound.

The cash influx will enable KnCMiner to expand its mining operations and offer other Bitcoin-related services to consumers. KnC Miner developed and delivered the world’s first 20 nanometer Bitcoin chip and the company will utilize the new round of funding to accelerate its lead in cutting-edge nanotechnology research and development for its next generation ASIC hardware.

Besides this, KnCMiner also hopes to put its cash to use in developing new pool software as well as other new financial products related to Bitcoin mining, transacting and asset management.

“We are delighted to welcome our new investors and thrilled to have the opportunity to extend our lead within the Bitcoin ecosystem. In tandem with our considerable investments in IP, this round of funding will further cement our lead in hardware design and deployment of cryptocurrency services,” Sam Cole, CEO and Co-founder of KnCMiner, said in its release.

KnCMiner is yet another example of how profitable Bitcoin has become. The company has been selling Bitcoin mining equipment since April 2013 and has generated more than $40 million in revenue to date.

although it started out with Bitcoin mining hardware, KnCMiner has since expanded its operations into the software realm with its own Bitcoin wallet called the KnCWallet. More recently, it’s branched out into software development with Clear Sky,  a cloud-based mining management/front-end system.

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