Late filer HashFast reported raising $641,700 in equity in late June from seven investors. This is the first time the company is disclosing tapping into the US private placement market.
HashFast is a designer of application-specific integrated circuit (ASIC). Its particular use is for the mining of the digital currency known as BitCoin. The fabless semiconductor company developed the Golden Nonce microprocessor which performs more than 400 Ghash per second. BitCoin uses a hash algorithm to generate verifiable random numbers in a way that requires a predictable amount of CPU effort. A user generating a hash with a value less than the current target solves a block (data is permanently recorded in the BitCoin network through files called blocks) and wins the user coins.
HashFast, headquartered in San Jose CA, was founded in 2013 by Edward de Castro and Simon Barber. The executive team includes John Skrodenis and Peter Smith. The company elected not to disclose its revenues though according to a post on the Genesis Block, HashFast would have sold around $3 million worth of BitCoin mining hardware.
Amount offered: $641,643
Amount sold: $641,643
First sale: 06/28/13