Applied Digital, a cryptomine company pivoting to AI, has secured a new tranche of funding.

The company this week said it has entered into definitive agreements for a $160 million private placement financing priced at market, from a group of institutional and accredited investors, Nvidia, and real estate firm Related Companies.

Applied said the added capital would help the company further strengthen its financial position to bring its data center and GPU cloud solutions to market at scale.

Wes Cummins, CEO and chairman of Applied Digital, said: “We’re proud of our strong relationship with Nvidia, and the confidence that both they and Related Companies, along with institutional investors, have placed in us.”

Applied Digital (formerly Applied Blockchain) operates several data centers across the US, including a 180MW facility in Ellendale, North Dakota. As well as crypto mining rigs, the company offers AI hosting services and access to its own GPU cloud.

The company has raised hundreds of millions of dollars in debt to finance its data center roll-out.

Last week, Applied announced a private financing arrangement with a single investor; with the company issuing $53.2 million in convertible preferred stock for net proceeds of $50m. It said the proceeds would be used to "fund various growth initiatives" across its business segments.

This year also saw it sell a 200MW campus in Garden City, Texas, to Marathon Digital Holdings.