Peaq Secures $15M Funding for Expansion and Mainnet Launch in May
Summary:
German-based startup, peaq, revealed a $15 million funding round led by Generative Ventures and Borderless Capital, ahead of its mainnet launch in May. The decentralized physical infrastructure network (DePIN) company aims to incentivize the creation, ownership, and operation of real-world infrastructure through blockchain technology. The firm is focusing its efforts on expanding the ecosystem using the new funds and further developing solutions for developers.
Peaq, the decentralized physical infrastructure network (DePIN), has revealed a funding round valued at $15 million, preceding its primary network launch in May. The funding was overseen primarily by Generative Ventures and Borderless Capital, with additional contributions from Spartan Group, HV Capital, CMCC Global, Animoca Brands, Moonrock Capital, Fundamental Labs, and others. The Germany-based start-up, initiated in 2017 by Max Thake, Till Wendler, Leonard Dorlöchter, and Julia Pönitzsch, strives to bring the concept of decentralization to physical systems and infrastructures nearing the establishment of an "Economy of Things" network. The firm claims that its ecosystem currently hosts over 20 DePIN projects, outperforming other prominent layer-1s like Polygon and Solana.
Peaq harnesses the power of the blockchain to motivate individuals to establish, possess, and operate physical infrastructures in the real-world, spreading the power across the network, thereby preventing any one organization from becoming a central authority. Pilot projects across various sectors are testing the potential applications of DePIN, including peer-to-peer energy trading, supply chains, internet provisioning, and data management for security. Insightful data from research firm Messari predicts that the DePIN sector could potentially be valued at $3.5 trillion within the next four years. The start-up presents its users with DePINs equipped with Modular DePIN Functions, essentially plug-and-play functionalities that allow DePIN projects to create and launch ventures on the blockchain. These projects flaunt features such as a platform for tokenizing machinery and a DePIN Accelerator program.
In 2021, Peaq secured almost $2.7 million during its seed funding round. The newly acquired funding will primarily go towards enlarging the ecosystem and advancing the development of solutions for developers.
"We will continue to focus on enlarging the ecosystem, benefiting from increased allocation of funds to the Ecosystem Grant Program, and further improving the peaq SDK and Modular DePIN Functions. In essence, we are preparing for a decidedly bustling, growth-oriented, and very promising year," stated Leonard Dorlöchter, co-founder of peaq, while speaking to Cointelegraph.
Published At
3/27/2024 7:23:12 PM
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