peaq’s DePIN Platform Secures $15m in Pre-Launch Funding

DePIN Platform peaq Raises $15M in Pre-Launch Round

DePIN Platform peaq Raises $15M in Pre-Launch Round

Peaq, a Layer-1 platform focusing on DePIN, has secured a $15m investment round led by Generative Ventures and Borderless Capital.

The Layer-1 platform Peaq, which focuses on decentralized physical infrastructure networks (DePINs), has reported a $15 million investment round.

This announcement precedes the planned mainnet launch in May. Generative Ventures and Borderless Capital led the round, with participation from Spartan Group, HV Capital, CMCC Global, Animoca Brands, Moonrock Capital and Fundamental Labs.

Other investors also took part in the deal. The company EoT Labs, which is situated in Berlin and was established in 2017 by Leonard Dorlchter, Max Thake and Till Wendler, is responsible for the Peaq network.

The Peaq blockchain applies decentralization to physical infrastructure and processes, aiming to construct a network known as the “Economy of Things.”

According to the firm, its ecosystem is home to more than twenty DePIN projects. The company claimed to Cointelegraph that this number is “already more than the likes of Solana, Polygon and other prominent layer-1s.”

Using blockchain technology, DePIN provides incentives for individuals to construct, own and manage physical infrastructure in the real world. This allows for the distribution of control across a network, preventing any one company from gaining a monopoly on the situation.

Initiatives in various industries are investigating use cases such as energy systems for peer-to-peer energy trading, supply chains, telecommunications for internet access and data storage for safe data management.

The intelligence firm Messari has provided information suggesting that the DePIN market could potentially reach a value of $3.5 trillion within the next four years. The startup provides DePINs with Modular DePIN Functions, which are ready-to-use functions that allow DePINs to construct and deploy their projects on the blockchain.

A machine tokenization platform and a DePIN Accelerator program are two features that clients can use for their projects. Peaq was able to raise close to $2.7 million in a seed round in the year 2021.

The new funding will primarily be directed toward the expansion of its ecosystem as well as the continued development of solutions for developers.

In addition to continuing to work on extending the ecosystem, which will be able to reap the benefits of additional funding being allocated to the Ecosystem Grant Program, we will also continue to work on further enhancing the Peaq SDK and the Modular DePIN Functions.

According to Leonard Dorlochter, co-founder of Peaq, “This year is shaping up to be intense, growth-focused and very promising, which is exactly how we like it.” 

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