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SOLTEIR COMPLETES SERIES A ROUND TO EXPAND HIGH CAPACITY COMPUTING OFFERING

·1 min read

Investment will Extend ASIC and GPU Computing Capabilities at Facility in Pennsylvania

NEW YORK, June 2, 2022 /PRNewswire/ -- Solteir (Formerly known as Y2X Digital Solutions), a special purpose data center company providing full service, full lifecycle hosting of ASIC and GPU mining equipment, today announced the completion of a multi-million dollar Series A funding round. The financing will allow the company to continue to develop into one of the largest centers for high capacity computing in the U.S.

(PRNewsfoto/Solteir)
(PRNewsfoto/Solteir)

Solteir closed on series A

The company, led by co-founders Jesse Fastenberg and Andrew Insignares,  has grown to 3.5 megawatts of continuous electrical output. The Series A financing will allow for construction of its own substation and scaling to 25 megawatts over the next 18-24 months. Solteir has achieved seven figure revenues and profitability, driven by favorable hedges against bitcoin volatility, 70% of revenue in long term contracts, and favorable cost versus deployment spreads.

"Our vision goes beyond crypto. We got our foot in the door as a major player disrupting the energy space, with the high square foot:wattage ratio from Bitcoin, but we're thinking beyond that," said co-founder Jesse Fastenberg. In addition to Bitcoin, Solteir is developing monitoring software as well as immersion cooling solutions. "We're creating a cutting edge team for the data center industry. Immersion is the future - we are going to support it," co-founder Andrew Insignares reported.

Solteir was created to respond to America's need for trusted on-soil mining and high-intensity data hosting solutions. Located on the perimeter of a 1100MW power plant in Pennsylvania, the site provides ample room for expansion. The secure facility will house ASICs and GPUs for cryptocurrency miners as well as provide infrastructure for cloud rendering, AI farms, and machine learning services.

Cision
Cision

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SOURCE Solteir