peaq raises $15m for blockchain IoT
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peaq in Germany has raised $15m to develop its open source block-chain based technology for the Internet of Things (IoT)
The funds will be directed toward further expanding the peaq ecosystem, home to more than 20 decentralized physical infrastructure networks (DePINs), decentralized applications that use tokens to incentivize people to crowdsource and build connected real-world physical infrastructure. The funding comes at a crucial time for the project as it prepares for network launch after years of R&D.
The technology has been used by Bosch, Denso, Airbus and Fraunhofer as well as Jaguar Landrover as part of the Gaia-X European project.
- Gaia-X project to develop open source blockchain
- Bosch, Denso show Gaia-X project with Tesla, Jaguar
The multi-tranche funding round led by Generative Ventures and Borderless Capital with the participation of Spartan Group, HV Capital, CMCC Global, Animoca Brands, Moonrock Capital, Fundamental Labs, TRGC, DWF Labs, Crit Ventures, Cogitent Ventures, NGC Ventures, Agnostic Fund, Altana Wealth, and others.
DePINs use distributed ledger software to secure network infrastructure such as mobility, internet, or energy, opening up de-centralised, scalable community models.
peaq was designed from the ground up to use real-world machines to deliver real-world goods and services to people. It features an array of backend functions for app builders, including Machine IDs, access management, AI agents, device data verification, and more.
The ecosystem includes a variety of supporting tools and services, such as a Machine Tokenization Platform and a DePIN Accelerator in cooperation with Outlier Ventures. The $15m funding will be primarily allocated to bolstering the peaq ecosystem through, for example, the Ecosystem Grant Program, which supports teams building DePINs on peaq with funding, support, and more. Besides that, the funds will also enable further development of peaq’s backend functions and Software Development Kit (SDK), which will enable teams to build and deploy their projects faster.
The funding round follows a year of growth which saw over 20 DePINs join peaq, from an app for measuring noise pollution with smartphones (Silencio) to a fleet of tokenized car-sharing Teslas (ELOOP) to a network of community-run antennas listening to plane location data (Wingbits). In 2023, peaq also powered a live demo of peer-to-peer parking at IAA Mobility in Munich together with the Bosch-led, EU-funded Gaia-X moveID project, which also includes such companies as Airbus, Continental, and DENSO. As further collaboration with Bosch and Fetch.ai, peaq also presented an all-around AI-powered sensor hub for DePINs.
“The Economy of Things is a ground-breaking concept powering a profound transition in how we run our increasingly connected world,” says Lex Sokolin, Managing Partner at Generative Ventures. “peaq has made great strides on its mission to make this concept a reality and put it on Web3 economic and financial infrastructure. We are thrilled to support a project with so much vision — and the execution needed to bring it to life.”
“The novelty of DePINs is in linking Web3 with real-world infrastructure that is productive and generates value that can provide sustainable income for the community,” says Álvaro Gracia, Partner at Borderless Capital. “peaq identified this trend even before it was named and positioned itself as the blockchain for anything real-world. This places the network at the very spearhead of a rising tide in Web3, where DePIN is becoming the most interesting vertical.”
“We are thrilled to have the backing and trust of some of the biggest names in the Web3 industry at such a pivotal moment,” says Till Wendler, co-founder of peaq. “As we are nearing the mainnet launch and the first public token sale, this is the period that will define peaq’s future success — and with Generative Ventures, Borderless Capital, and other esteemed investors behind the project, we are certain that peaq will succeed on its mission and change the world.”
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