Mon. Aug 8th, 2022

Crusoe Energy Systems Closes $505M Funding Round

Crusoe Energy Systems, a Denver, CO-based climate compute technology company, raised $505M in funding.

It includes:

  • a $350m Series C equity offering, led by G2 Venture Partners with participation from Valor Equity Partners, Lowercarbon Capital, Polychain Capital, Bain Capital Ventures, Founders Fund, MCJ Collective, Winklevoss Capital, Zigg Capital, DRW Venture Capital, Atreides Management, Exor Seeds, CMT Digital, and Upper90 as well as new investors Inclusive Capital Partners, Engine No. 1, Tao Capital, Felicis Ventures, Castle Island Ventures, Mitsui & Co., and Robert Downey Jr.’s FootPrint Coalition Ventures, among others, and
  • credit facilities expandable up to $155m with SVB Capital, Sparkfund and Generate Capital

Following the financing, G2VP joins Crusoe’s Board of Directors alongside Valor Equity Partners, Bain Capital Ventures, KCK Group, and co-founders Chase Lochmiller and Cully Cavness.

Led by CEO Chase Lochmiller, Crusoe provides a clean computing infrastructure platform that aims to reduce both the costs and the environmental impact of the world’s expanding digital economy. By surfacing stranded sources of energy to power crypto, cloud and data centers, the company is creating a future for compute-intensive innovation that reduces emissions rather than adds to them.

The financing follows the alpha launch of CrusoeCloud, a cloud computing platform optimized for energy-intensive HPC workloads. CrusoeCloud aims to offer the cleanest and lowest-cost GPU cloud computing solution in the world for workloads including graphical rendering, artificial intelligence research, machine learning, computational biology, therapeutic drug discovery, simulation and more. The alpha product currently offers Nvidia a100 and a40 virtual machine instances at market leading prices. CrusoeCloud is scheduled to launch publicly later this year. As CrusoeCloud scales alongside Crusoe’s existing digital currency mining business, environmental benefits also scale through greater volumes of flare mitigation and renewable power generation.

The company intends to use the funds for development efforts to expand methane-eliminating Digital Flare Mitigation® data centers and launch CrusoeCloud, the low-cost and emissions-reducing platform for high performance computing.

FinSMEs

22/04/2022

SOURCE https://www.finsmes.com/2022/04/crusoe-energy-systems-closes-505m-funding-round.html

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