Compute North, an Eden Prairie-based operator of data centers used to mine cryptocurrency, announced Wednesday it closed a $385 million round of funding.
$85 million of the total is comprised of a Series C venture capital raise led by Geneva, Switzerland-based Mercuria and San Francisco-based Generate Capital. The remaining $300 million comprises debt financing from Generate to fund new projects.
The Eden Prairie-based company is using the funds to expand its footprint as it constructs facilities in Nebraska, North Carolina and Texas. It currently operates three data centers in Texas, South Dakota and Nebraska.
“Compute North is well-positioned to collaborate alongside some of the leading energy companies in the world and develop new solutions to meet the unprecedented demand for computing infrastructure with a focus on sustainability,” Compute North CEO Dave Perrill said in a statement. “We want to be on the forefront of leading this transition, fast-tracking development of new data center sites to provide capacity."
Between 2018 and 2020, the company's revenue grew 687.45%, ranking it as the No. 1 fastest growing private company in the Twin Cities, according to Business Journal research. In 2020 the company reported $13.2 million in revenue.
