Austin bitcoin computer maker collects nearly $1M financing

Aug 18, 2014
Austin Business Journal

CoinTerra Inc., an Austin company specializing in digital currency, reported receiving a $960,000 financing


The Austin-based company collected the capital from 43 investors, according to a Friday filing with the U.S. Securities and Exchange Commission


CoinTerra, which launched in August 2013, develops what the company calls high-performance “bitcoin application specific integrated circuits and systems.” Bitcoins are a digital currency, or crytptocurrency, based on an open-source protocol. The company is funded by a syndicate of angel investors, according to a CoinTerra news release


In June, the Better Business Bureau reported that some CoinTerra customers were unhappy with the company, saying its bitcoin mining computers don’t meet specs promised by the company, and that it hasn’t refunded customers who want their money back as a result


In October 2013, CoinTerra has received a $1.3 million round of financing from nine investors, SEC filings show


CEO Ravi Iyengar was was previously the lead central processing unit architect at Samsung Corp. and held senior design positions at California-based Qualcomm Inc. (Nasdaq: QCOM) and Intel Corp. (Nasdaq: INTC), according to the CoinTerra website


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