One of the biggest bitcoin miners Bitmain Technologies is reportedly raising $50 million from venture firms.

Sources familiar with the matter told Bloomberg that Sequoia Capital and IDG Capital are investing in the Beijing-based bitcoin miner. Bitmain Technologies is seeking funding in order to bolster its profile among mainstream investors.

Founded in 2013, Bitmain Technologies develops and sells leading bitcoin miners using its ASIC chip technology. Last year in May, it released the Antminer S9, the world’s first consumer-grade bitcoin miner based on a 16nm process ASIC chip, it said.

The company is headquartered in Beijing, with offices in Amsterdam, Hong Kong, Tel Aviv, Qingdao, Chengdu, Shanghai and Shenzhen. It acquired BlockTrail last year.

In addition, Bitmain has made significant investments in a number of companies including Rootstock, ViaBTC, CoolBitX Technology, ChainLab, BitKan, and Simplex.

Sources also told Bloomberg that Sequoia and the other firms also plan to provide the company with more guidance on management.

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