Silicon valley startup 21 Inc has raised $116 million in venture funding to help broaden the uses of bitcoin technology, the Wall Street Journal reported.

21 Inc's lead investors include venture capital firms such as Andreessen Horowitz and RRE Ventures, with chipmaker Qualcomm Inc owning a strategic stake through its venture-capital unit, according to the Journal.

San Francisco-based 21 Inc has not disclosed an independent valuation or how it plans to use the funds, the Journal said on Tuesday.

Chief Executive Officer and co-founder Matthew Pauker indicated "several interesting developments over the next weeks and months" that will deal with products designed "to drive mainstream adoption of bitcoin", the Journal reported.