peaq raises $15M for web3-enabled public infrastructure

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peaq, a pioneering force in the realm of web3-enabled public infrastructure, has secured a significant $15 million investment to fortify its network as it gears up for launch. This infusion of capital marks a critical milestone for peaq, which has spent years conducting research and development in preparation for this momentous event.

At the heart of peaq’s vision lies its innovative concept of decentralized physical infrastructure networks (DePINs), which serve as decentralized applications (dApps) utilizing tokens to incentivize individuals to collaborate in the construction of interconnected real-world infrastructure. Currently, peaq hosts 20 DePINs, each addressing various facets of physical infrastructure such as mobility, internet connectivity, and energy management.

The overarching goal of DePINs is to transform the ownership dynamics of traditional infrastructure, transitioning from a corporate-controlled model to one driven by community ownership. Notable examples of DePINs already active on the peaq network include Silencio, a smartphone app designed to measure noise pollution, and ELOOP, a fleet of Tesla vehicles deployed for car-sharing services.

With the newly secured $15 million investment, peaq is poised to propel its ecosystem forward, with a significant focus on its Ecosystem Grant Program. Additionally, the funding will fuel the continued development of backend functions and Software Development Kits (SDKs), streamlining the process for teams to create and deploy projects on the peaq platform.

The Series A funding round was spearheaded by Generative Ventures and Borderless Capital, with robust participation from esteemed investors such as Spartan Group, HV Capital, CMCC Global, Animoca Brands, Moonrock Capital, Fundamental Labs, TRGC, DWF Labs, and others. The overwhelming support from these investors underscores the industry’s confidence in peaq’s pioneering approach and its potential to revolutionize the landscape of web3-enabled infrastructure.

Lex Sokolin, Managing Partner at Generative Ventures, lauded peaq’s ambitious vision and commendable execution, emphasizing the transformative impact of the Economy of Things concept that underpins the project. Similarly, Álvaro Gracia, Partner at Borderless Capital, hailed peaq’s foresight in identifying and capitalizing on the burgeoning trend of web3-enabled infrastructure, positioning the network as a frontrunner in this transformative space.

As peaq embarks on its journey to unlock the full potential of web3-enabled infrastructure, supported by this substantial investment, it stands poised to reshape the future of decentralized collaboration and community-driven development in the physical world.

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