IoTeX Raises $50M from SNZ Capital and Foresight Ventures for DePIN
The DePIN focused, US-based startup continues show leadership in the Decentralized Physical Infrastructure Network space
April 4, 2024 01:32 PM
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TL;DR IoTeX, the innovative decentralized Physical Infrastructure Network (DePIN) platform, recently secured a substantial $50 million investment from a consortium of venture capital firms. This investment, led by SNZ Capital, Foresight Ventures, and others, aims to accelerate the growth and adoption of IoTeX's ecosystem, which focuses on connecting smart devices and real-world data to blockchains.
The decentralized Physical Infrastructure Network (DePIN) platform IoTeX has recently marked a significant milestone by securing a $50 million investment from a consortium of venture capital firms. This funding round, led by SNZ Capital, Foresight Ventures, FutureMoneyGroup, Borderless Capital, and more, is set to fuel the expansion and adoption of the IoTeX ecosystem.
The allocated funds will be directed towards long-term staked IOTX, the native token of the IoTeX network, and investments in DePIN projects building on the platform.
IoTeX: Bridging Physical and Digital Worlds The IoTeX platform is designed to seamlessly connect smart devices and real-world data to blockchains. Through its EVM-compatible L1 blockchain, off-chain compute middleware, and open hardware, IoTeX enables a vast interaction between smart devices, machines, sensors, and dApps, bridging the gap between the physical and digital worlds.
READ: Why DePIN Will Surpass IoT
The platform's commitment to integrating Web3 technology into everyday life is evident through its continuous development and strategic partnerships.
In early 2024, in collaboration with the IoTeX Foundation, FutureMoney Group launched a $5 million DePIN accelerator program to support startups innovating in the space. Additionally, strategic alliances with organizations such as Ankr have been formed to strengthen the DePIN ecosystem and enhance decentralized network performance and decentralization.
"As a modular infrastructure, IoTeX fast-forwards the growth of projects building with us," said Jing Sun, Co-Founder and Head of Investment at IoTeX. This sentiment is echoed by Keith Chen, Founding Partner of SNZ Capital, who expressed excitement about investing in IoTeX and the potential for extraordinary growth in the DePIN sector.
A Flourishing Ecosystem and Future Prospects With a focus on modular infrastructure, privacy, and traffic-routing solutions, IoTeX has established itself as a pivotal player in the DePIN domain.
The platform's emphasis on simplifying application development and supporting go-to-market strategies has attracted a vibrant community of developers and fostered innovation. The DePIN space, now valued at nearly $10 billion, continues to grow, with IoTeX leading the charge in connecting the physical and digital worlds through blockchain technology.
