KryptoVault
Provider of large scale data center operations.
| Date | Investors | Amount | Round |
|---|---|---|---|
NOK150m | Early VC | ||
| Total Funding | 000k | ||
| EUR | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % growth | - | 197 % | (17 %) | 41 % | 7 % | - |
| EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % EBITDA margin | (9 %) | 32 % | 33 % | 24 % | - | - |
| Profit | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % profit margin | (15 %) | 18 % | 23 % | 27 % | - | - |
| EV | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
Source: Company filings or news article, Dealroom estimates
KryptoVault AS was a Norwegian company that specialized in large-scale cryptocurrency mining and data center services, founded in 2017 with its headquarters in Stavanger. The company positioned itself in the market by providing services that included the installation, hosting, and maintenance of mining hardware for its clients. A significant aspect of its business model was the utilization of 100% renewable Norwegian energy from hydro and wind power, which powered its facilities. This strategy leveraged Norway's green energy surplus and colder climate, which is advantageous for cooling data centers.
The company was founded by Kjetil Hove Pettersen, who also served as the CEO. His journey with KryptoVault began as a hobby and evolved into a substantial business. Another key figure was Stig Myrseth, a notable Norwegian stock manager, who became CEO in 2018 after acquiring a stake in the company. KryptoVault's primary operations were located in large facilities, including a 5,000-square-meter warehouse near Hønefoss, west of Oslo. The company had plans to expand its mining capacity significantly. A notable operational feature was its method of managing the excess heat generated by the mining rigs; the company channeled this heat to dry timber for local lumberjacks at no cost and had plans to extend this service to drying seaweed.
The business model centered on offering crypto mining as a service to clients, many of whom were from Asia, and providing data hosting services powered by sustainable energy. Clients could reserve space and power at KryptoVault's facilities for their own hardware. Despite its ambitious plans and a secured order book, KryptoVault faced financial difficulties. The company, along with a subsequent venture by the founder called Norwegian Mining, eventually went bankrupt.
Keywords: cryptocurrency mining, data center services, green energy, sustainable mining, hydropower, Bitcoin mining, hardware hosting, colocation services, heat recycling, wood drying, Norwegian startup, Kjetil Hove Pettersen, Stig Myrseth, Stavanger, Hønefoss, renewable energy data center, ASIC hosting, crypto infrastructure, blockchain technology, energy surplus utilization