Cango Inc. has announced the successful raising of $75.5 million in capital, a move that coincides with the company’s strategic shift toward artificial intelligence (AI) infrastructure. Originally operating as an automotive transaction service platform and later expanding into Bitcoin mining, the company is now repositioning itself to meet the soaring demand for high-performance computing. This pivot involves repurposing existing energy-intensive facilities and technical expertise to support AI model training and data processing. The new funding is expected to be used for the procurement of advanced GPUs and the development of specialized data centers. This transition follows a growing trend of cryptocurrency mining operations leveraging their significant power access and cooling infrastructure to serve the burgeoning generative AI market.
Source: Cango raises $75.5M as Bitcoin miner makes AI infrastructure pivot
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