The Swedish bitcoin and litecoin mining company KnCMiner has closed an investment round of $15 million. The company plans to use the raised funds to increase its mining capacity.

Accel Partners led the round, acquiring a stake in the company, says KnC Miners in its press release. Existing investors Creandum, Bullhound, and private investor Martin Wattin also participated in the round.

Michiel Kotting, a partner at Accel, will join the company’s board, whilst another Accel partner, Fred Destin, will join as an observer. Kotting said:

“We are excited to back the KnCMiner team, as they have proven to be world class operators in a very dynamic marketplace.”

According to KnCMiner CEO Sam Cole, his company plans to invest $150 million in the next 18 month in what he calls “transaction processing within Bitcoin”. KnCMiner has already invested around $70 million in the last 12 months into the development of bitcoin hardware and cloud mining.

KnCMiner was founded by a of bitcoin enthusiasts in 2013. The company develops chip designs and cloud services for blockchain-based applications and cryptocurrency mining. It works with manufacturing companies from the Eastern hemisphere, including Taiwan.

The company states that it has already developed a 16 nm mining chip. In addition to this, KnCMiner is setting up industrial-scale mining operations in Sweden and elsewhere.

Accel Partners is a venture capital fund with 300 digital companies in its portfolio. According to the fund’s website, it had previously invested in Facebook, Spotify, and Dropbox.