With more than 920 PH/s under management, the company expects to see that nearly double with the upcoming development.
Compute North is 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, 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 centre 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.”
Based on unprecedented demand for its services, the company said it will continue to seek growth capital to further facilitate customer demand.
“We started Compute North because we saw a unique opportunity to bring together our data centre and power expertise and offer our customers a better alternative,” said Dave Perrill (pictured), CEO of Compute North.
“We have stood out by providing best in class service, fair and transparent pricing and operational excellence.
“This injection of capital allows the company to meet customer demand, innovate our services, and expand our great team.”
Houlihan Lokey, a California-based investment bank advised the company on this round of financing and debt.
