peaq’s DePIN Platform Raises $15M in Pre-Launch Round
German-based startup peaq has raised $15 million in a recent funding round before its mainnet launch in May. The funding round was led by Generative Ventures and Borderless Capital, with participation from other investors including Spartan Group and HV Capital. peaq was founded in 2017 with the goal of applying decentralization to physical infrastructure and systems, creating an “Economy of Things” network. The company claims to have more than 20 DePIN projects in its ecosystem, surpassing other layer-1s like Solana and Polygon.
peaq utilizes blockchain technology to incentivize individuals to build, own, and manage real-world physical infrastructure. By doing so, control is distributed across a network, avoiding centralization in a single organization’s hands. Various industries are exploring DePIN use cases, such as energy systems for peer-to-peer energy trading, supply chains, telecommunications for internet access, and data storage for secure data management. According to intelligence firm Messari, the DePIN market valuation is projected to reach $3.5 trillion in the next four years.
The startup offers ready-to-use functions called Modular DePIN Functions, enabling DePINs to easily build and deploy projects on the blockchain. Some of the features available for projects include a machine tokenization platform and a DePIN Accelerator program. In 2021, peaq raised approximately $2.7 million in a seed round. The recently raised funds will primarily be used for expanding the ecosystem and further developing solutions for developers.
Leonard Dorlochter, co-founder of peaq, expressed optimism about the future, stating that the company will continue to expand its ecosystem and invest in the Ecosystem Grant Program, as well as enhance the peaq SDK and Modular DePIN Functions. He described the current year as intense, growth-focused, and promising. With its decentralized approach to physical infrastructure, peaq aims to revolutionize various industries and contribute to the advancement of the blockchain ecosystem.
8 thoughts on “peaq’s DePIN Platform Raises $15M in Pre-Launch Round”
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Another blockchain startup with no clear path to profitability. How original.
Congrats to peaq on their funding success! It’s great to see startups like this pushing the boundaries of blockchain technology. Looking forward to their future achievements!
I’m so tired of hearing about startups raising millions while real entrepreneurs struggle to get funding.
What a milestone achievement for peaq! With $15 million in funding, they’re set to revolutionize physical infrastructure through decentralization. Exciting times ahead!
million?! I can’t believe investors are pouring money into this overhyped project.
So they claim to have more projects than Solana and Polygon? I highly doubt that.
Congratulations to peaq on raising $15 million! 🙌 It’s great to see startups like this pushing the boundaries of blockchain technology. Wishing them continued success! 💪
This is fantastic news! peaq is leading the way in creating an Economy of Things network. So excited to see what they accomplish with the additional funding!