March 27, 2024

peaq raises $15 million in pre-launch funding

peaq

Community

What’s happening?

peaq has raised $15 million in a round led by Generative Ventures and Borderless Capital, with contributions from several more top funds and investment firms.

Why is it important?

The funds will help peaq boost ecosystem growth and further build out peaq’s Modular DePIN Functions as peaq prepares for public token offering and network launch.

What does it mean for the community?

The funds will enable peaq to scale on all fronts, stepping up DePIN-focused development and adoption of DePINs building on the network, which ultimately means more value for all.

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Fuel for the rocketship

We’re living in historic times. Things are about to change – for real. It will still take some time, of course, but when historians look back from their smart homes, they will mark down the spring of 2024 as the moment when Web3 went real-world.

Yes, peaq’s mainnet launch is coming soon. The rocketship is ready for takeoff.

That said, every rocketship needs fuel — and fuel has come in, provided by some of the leading names in Web3. peaq has raised $15 million in a multi-tranche funding round that kicked off last autumn, led by Generative Ventures and Borderless Capital. Other major players joining the rocketship include CMCC Global, Spartan Group, HV Capital, Animoca Brands, Moonrock Capital, Fundamental Labs, TRGC, DWF Labs, Crit Ventures, Cogitent Ventures, NGC Ventures, Agnostic Fund, Altana Wealth, LBank Labs, Protein Capital, Token Metrics, and others.

The funds come at a critical time with peaq preparing for mainnet launch. Moreover, a public $PEAQ token offering, the first one on the record, is very close. It is an exciting period, which will in many ways determine peaq’s success on its path to being the go-to blockchain for DePIN, and powering the Economy of Things. This support comes both as a token of trust and a crucial resource meant to bring peaq’s vision to life.

The $15 million raised in the round will be primarily allocated to bolstering peaq ecosystem growth through things like the peaq Grant Program, which supports DePINs building on peaq. The funds would also help with developing peaq’s Modular DePIN Functions and SDK, enabling DePIN teams to build and deploy their projects on peaq even faster.

The funding round follows a year of growth which saw over 20 DePINs join peaq. Those joining in 2023 that have been announced so far are:

bloXmove, which built the framework for a Web3 Uber on peaq,
Wicrypt, a DePIN for connecting the unconnected in Africa,
NATIX, which is building a mobile-first DePIN for mapping the world,
Brainstem Digital Health, a DePIN for health data tapping wearables such as fitness trackers,
ELOOP, which tokenized multiple Teslas in its ride-sharing fleet in Vienna and is now building a machine tokenization platform on peaq,
2blox, which tapped cameras, including those on smartphones, to collect mobility data,
Silencio Network, a mobile-first DePIN for measuring noise pollution,
penomo, which is building a platform for tokenizing green energy assets on peaq,
MapMetrics, a DePIN for collecting navigation data to rival Google Maps and its likes,
Arkreen, a DePIN for green energy certification,
Wingbits, a DePIN for collecting plane location data with community-owned antennas.

Further on, in 2024, the following projects have joined the peaqosystem:

AYDO, which is building a Web3 alternative to Big Tech smart home platforms,
Wayru, which is building a DePIN for democratizing Web access in the LATAM region,
PowerPod, a DePIN for peer-to-peer electric vehicle charging,
Acurast, which is decentralizing the cloud computing industry with a mobile-first DePIN for distributed compute.

In 2023, peaq also powered a live demo of peer-to-peer parking at IAA MOBILITY in Munich together with the Bosch-led 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. 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.”

— Lex Sokolin, Managing Partner at Generative Ventures

“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. 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.”

— Álvaro Gracia, Partner at Borderless Capital

“We are thrilled to have the backing and trust of some of the biggest names in the Web3 industry at such a pivotal moment. As we are nearing mainnet launch and public offering, this is the period that will largely define peaq’s future success. Our plan is to further open peaq up to the community, giving it access to the tokens, and walk the extra distance to support the projects building on peaq. peaq’s success is measured in positive real-world impact, but this impact comes from the community using all the DePINs built on peaq, so the crucial next step is to grow the ecosystem and open it up for new and exciting use cases.”

— Till Wendler, co-founder of peaq

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