The DePIN platform raises $15 million in a pre-startup round.
Update (March 27 at 17:58 UTC): This article has been updated to note that it is for the DePINS Peak Layer-1 platform, and that Julia Pönitzsch is not a co-founder.
The Layer-1 platform — which focuses on decentralized physical infrastructure networks (DePINs) — announced $15 million in funding ahead of its May launch.
The round was led by Generative Ventures and Borderless Capital, with participation from Spartan Group, HV Capital, CMCC Global, Animoka Brands, Moonrock Capital, Basic Labs and other investors.
Behind Peak Network is EoT Labs, a Berlin-based startup founded in 2017 by Leonard Dorlochter, Max Tuck and Til Wendler. Peak Blockchain applies decentralization to physical infrastructure and systems, with the aim of building an “economy of things” network. According to the company, the ecosystem is home to more than 20 DPin projects — “already more than Solana, Polygon and other popular Layer-1s,” the company said in a statement to Cointelegraph.
Announcing: Peak has raised $15 million in a pre-seed funding round led by @genventurecap and @borderless_cap.
Funding will go towards making #DePINs easier and faster to build, launch and scale on the cutting edge, with future high public availability and high quality… pic.twitter.com/1ErsxsIUFP
— Peak (@peaknetwork) March 27, 2024
DePIN uses blockchain technology to empower people to build, own and manage real-world physical infrastructure, thereby distributing control across the network and removing centralization in the hands of any single organization.
Initiatives in various industries are exploring use cases for DEP, such as peer-to-peer energy trading, supply chains, telecommunications for Internet access, and data storage for secure data management. The market value of DP may reach 3.5 trillion dollars in the next four years, according to the information obtained from the intelligence agency Mesari.
The startup provides DPins with modular DPin functions, ready-to-use functions that allow DPins to build and deploy their projects on the blockchain. Features available to projects include a machine simulation platform and the DePIN Accelerator program.
In the year At its peak in 2021, it raised nearly $2.7 million per round. The additional funds will be allocated mainly for the expansion of the ecosystem and the development of solutions for developers.
We will be working on expanding the ecosystem to benefit from additional funds going into the ecosystem grant program and developing the top SDK and modular DP functions. All and all, this year is shaping up to be strong, growth-oriented, and very promising, which is just how we like it,” Peak founder Leonard Dorlochter told Cointelegraph.
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