Cipher Sports Technology Group, an Australian sports betting company, has raised $5 million in a Series A round.

The company plans on using the proceeds to expand in the United States, a market where it already has a presence and where it sees potential outsized growth as more people become comfortable betting online. Cipher also does business in Australia and plans on expanding to other countries in the next 12 to 18 months.

Cygnet Capital, an investment group based in Melbourne, Australia, led the round. A group of high net-worth individuals participated, as well. Cipher would not disclose its post-money valuation, revenues or other financial information about the company.