IoTeX Secures $50 Million Investment

IoTeX facilitates the integration of Web3 technology into daily life by linking smart devices and real-world data to blockchains.

To increase the adoption and expansion of its ecosystem, a consortium of Venture Capital firms has invested $50 million in the decentralized Physical Infrastructure Network (DePIN) platform IoTeX.

The investment round was presided over by SNZ Capital, Foresight Ventures, FutureMoneyGroup, Borderless Capital, and others, according to information disclosed.

The funds were allocated to long-term staked IOTX, the native token of the network, and DePIN projects utilizing the platform.

By linking smart devices and real-world data to blockchains, the IoTeX platform enables developers to incorporate Web3 technology into daily life.

IoTeX facilitates the interaction between billions of dumb devices, machines, sensors, and dApps across the physical and digital worlds via its EVM-compatible L1 blockchain, off-chain compute middleware and open hardware.

Throughout 2024, the IoTeX ecosystem has been actively engaged in developing and expanding DePIN.

IoTeX’s Strategic Alliances and Initiatives for DePIN Development

Early in 2024, FutureMoney Group and the IoTeX Foundation collaborated to establish the $5 million DePIN accelerator program, which aims to assist entrepreneurs who are pioneers in the field.

Furthermore, to enhance the performance and decentralization of decentralized networks and to bolster the DePIN ecosystem, IoTeX has established strategic alliances with organizations, including Ankr.

Jing Sun, Co-Founder and Head of Investment, underscored the capacity for businesses to introduce verified, real-world data onto the blockchain as part of the expanding DePIN ecosystem and innovate.

SNZ Capital’s Founding Partner, Keith Chen, was ecstatic about the opportunity to invest in the DePIN and IoTeX initiatives, which are constructed upon the firm’s modular platform.

Additionally, Borderless Capital, one of the most active DePIN investors, contributed to the funding round.

By emphasizing traffic-routing solutions, privacy, and modular infrastructure, the network has established itself as a significant participant in the continuous development of DePIN.

Attracting developers and fostering innovation in the DePIN space, the platform’s dedication to facilitating the lives of application builders by providing off-the-shelf infrastructure solutions and assistance with go-to-market strategies, liquidity building, and community development has proven fruitful.

Market capitalization for the DePIN space approaches $10 billion, with VeChain, Fetch.ai, Jasmy, IOTA, and Helium among the dominant protocols. With $1 billion in volume, the sector has gained 2.8% over the previous twenty-four hours.