Compute North, a provider of sustainable infrastructure for cryptocurrency mining, has raised $385 million in a Series C round as well as debt financing.
The round included a $85 million Series C funding led by Mercuria and Generate Capital, as well as $300 million in debt financing from Generate to fund the ongoing development of new data centers in the United States.
Compute North, situated in Minnesota, provides unique Tier 0 data centers that focus on offering long-term, cost-effective computing. The company supplies clients in the blockchain, cryptocurrency mining, and distributed computing space with expandable infrastructure.
Compute North has quickly expanded across the United States, including locations in Nebraska, North Carolina, and Texas.
In a press release, Andrew Marino, senior managing director and head of corporate private equity at Generate, said, “Data centers are a growing part of energy demand, and we’re excited to invest with Compute North to build digital infrastructure that can operate sustainably and efficiently while complementing a more resilient grid.”