- Peaq raised $15 million in funding ahead of its mainnet launch in May 2024 to build a decentralized physical infrastructure network
- The funding round was led by Generative Ventures and Borderless Capital, with participation from several other investors
- Peaq aims to incentivize decentralizing physical infrastructure like energy and supply chains through its “Economy of Things” network
German-based decentralized physical infrastructure network startup peaq has raised $15 million in a pre-launch funding round ahead of its mainnet launch in May 2024. The round was led by Generative Ventures and Borderless Capital.
About peaq
Peaq was founded in 2017 to apply decentralization principles to physical infrastructure and systems, with the goal of building an “Economy of Things” network. The peaq ecosystem already includes over 20 projects across industries like energy, supply chains, and data storage.
According to peaq, this is more projects than major layer-1 blockchains like Solana, Polygon, and others. Peaq aims to incentivize people to build, own and operate real-world physical infrastructure by distributing control across a decentralized network.
Details of Funding Round
The $15 million round included participation from Spartan Group, HV Capital, CMCC Global, Animoca Brands, Moonrock Capital, Fundamental Labs, and other investors.
Peaq will use the funds primarily for ecosystem expansion and to develop solutions for developers. This includes continuing the Ecosystem Grant Program and improving the peaq SDK and Modular DePIN Functions.
The Future of peaq
According to peaq co-founder Leonard Dorlöchter, “This year is shaping up to be intense, growth-focused and very promising, which is how we like it.”
With the additional funding and progress on its platform, peaq appears poised for significant expansion of its decentralized physical infrastructure network heading into its mainnet launch in 2024.
Conclusion
The large pre-launch funding round demonstrates investor confidence in peaq’s vision for decentralizing physical infrastructure. As the “Economy of Things” develops, peaq aims to be at the forefront of this evolution by providing the underlying decentralized network.
