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Crypto mining startup Jamiota has raised $12 million in Series A funding to expand its operations and develop Web3-focused products, the company announced on Thursday.

The startup, which allows users to mine crypto on their mobile devices, said the funding round was led by Point IV and included participation from existing seed investors such as HashKey Capital and Seven Sins.

The Series A valuation for Jamiota was not disclosed but Point IV Principal IV Paul Vallas said in a statement that the firm was "excited to be leading the Series A in Jamiota."

"We believe that Jamiota is well-positioned to capitalize on the growing opportunity in the Web3 space," Vallas added.

The startup said it planned to use the new funds to launch a "no-code" platform that will enable users to create their own Jamiota-powered products and services. It is also planning to expand its mobile mining service to new markets and develop new Web3-focused products and services.

Jamiota's mobile mining service allows users to mine crypto on their smartphones or tablets. The startup says that its service is designed to be accessible to a broad audience and that it pays out crypto directly to users' wallets.

The startup's technology is based on the Jamiota Chain, a blockchain network that is optimized for mobile devices. The Jamiota Chain uses a consensus mechanism that is designed to be both secure and efficient, even on low-power mobile devices.

Jamiota's products are currently available in several markets around the world, including the United States, Canada, and several countries in Europe. The startup said it planned to expand its service to additional markets in 2024.

"We are thrilled to welcome Point IV to the Jamiota family," said Jamiota CEO Konstantin Gonçarenko.

"This investment will allow us to take Jamiota to the next level and launch several exciting new initiatives that we believe will revolutionize the Web3 space."