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Beijing-headquartered Bitmain, the world’s largest Bitcoin mining hardware producer, is reportedly in the process of raising $50 million from technology-focused venture capital firms.

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Venture capital firms Sequoia Capital and IDG Capital are said to be investing in the Bitcoin mining giant, according to unnamed sources close to the matter cited by Bloomberg. Bitmain is said to be taking the VC funding approach in order to raise its profile among mainstream investors. The company is considered to be worth billions of dollars and might be looking at an IPO at some point in the future.

Sequoia Capital is an American VC firm headquartered in Menlo Park, California. Founded in 1972, Sequoia manages multiple investment funds including funds specific to India, Israel and China. IDG Capital Partners is a China-focused investment firm with offices in Hong Kong, Beijing, Shanghai, Guangzhou, Shenzhen, Silicon Valley and Boston.

Earlier this year Bitmain announced the launch of ConnectBTC – its latest mining pool. The pool is developed and operated by Bitmaintech Israel, Bitmain’s first R&D center outside of China. Following on that, we exclusively reported that the company is actively looking for artificial intelligence experts to establish an AI R&D center in Israel. Leveraging its engineering prowess for AI applications could become Bitmain’s first major business avenue outside the Bitcoin world.