Sequoia Capital and IDG Capital decided to invest $50M in Beijing-based Bitmain Technologies Ltd., created by Wu Jihan and Micree Zhan, and considered to be the world’s largest bitcoin mining organization, Bloomberg reports.
Bitmain produces chips and machines for mining Bitcoin (TIKER: BTC.EXANTE) and operates its own mining facilities.
The company has said that it’s planning to produce chips for artificial intelligence and invest in mining facilities in the U.S.
The Chinese start-up management said in an August interview with Bloomberg, that they were considering an IPO evaluating their company “in the billions”.