Velaura AI Valued Over $1 Billion After Raising $110M in Low-Power Computing Push
Velaura AI, an ultra-low-power AI compute company based in Santa Clara, has reached a valuation of over $1 billion after raising $110 million in its Series A funding round. The company was previously known as Auradine, which focused on developing bitcoin mining chips.
Auradine's Teraflux bitcoin miners were designed to operate at low power consumption and were aimed at the market dominated by Asian manufacturers like Bitmain and MicroBT. However, in March this year, the company renamed itself Velaura AI and redirected its power-efficiency work towards developing AI accelerators.
The new funding round was led by Seligman Ventures, with Capricorn Investment Group joining as a new investor. The investment will be used to develop and commercialize Velaura's compute portfolio, hire engineers and sales personnel, and deepen partnerships with strategic partners.