8 months ago
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peaq raises $15M from major VCs to expand leading DePIN ecosystem
Layer-1 blockchain peaq has raised $15 million in a pre-launch funding round led by Generative Ventures and Borderless Capital, with over a dozen other investors participating, according to a Mar. 27 announcement.
The project’s infrastructure is designed for decentralized physical infrastructure networks (DePINs), and the funds will support the expansion of the peaq ecosystem, currently home to over 20 live DePIN projects spanning industries from environmental monitoring to shared transportation. This already exceeds the number of DePINs on major alternative layer-1 networks like Solana and Polygon.
“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.”
DePIN uses tokens to incentivize operating real-world physical infrastructure like sensors, vehicles, antennas, and more. The sector has an estimated $3.5 trillion total addressable market by 2028 according to Messari.
peaq offers DePIN projects modular backend functions like multi-chain machine IDs, AI agents for optimization, and data verification.
Moreover, the announcement points out that 2023 has already seen major growth for peaq, including a live parking demo with Bosch, Airbus, Continental, and others at IAA Mobility conference. It also debuted an AI-powered sensor hub for DePINs in partnership with Bosch and Fetch.ai.
With mainnet set to go live this year, and public token offering nearing, peaq plans to further open up its network to the community.
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