Layer-1 platform Peaq, focused on decentralized physical infrastructure networks (DePINs), disclosed a $15 million funding round ahead of its mainnet launch in May.
The round was led by Generative Ventures and Borderless Capital, with participation from Spartan Group, HV Capital, CMCC Global, Animoca Brands, Moonrock Capital, Fundamental Labs and other investors.
Behind Peak Network is Berlin-based startup EoT Labs, founded in 2017 by Leonard Dorlöchter, Max Thake and Till Wendler. Peak Blockchain applies decentralization to physical infrastructure and systems, aiming to build an "Internet of Things Economic" network. According to the company, its ecosystem is home to more than 20 DePIN projects — “already surpassing Solana, Polygon, and other prominent Layer-1 projects,” the company claimed in a statement to Cointelegraph. DePIN uses blockchain technology to incentivize people to build, own and operate real-world physical infrastructure, thereby distributing control across the network and avoiding concentration in the hands of any single organization.
Initiatives across different industries are exploring DePIN use cases such as energy systems for peer-to-peer energy trading, supply chains, telecommunications for internet access, and data storage for secure data management. Data from intelligence firm Messari shows that the DePIN market valuation may reach $3.5 trillion in the next four years.
The startup provides DePIN with modular DePIN features that are ready-to-use capabilities that allow DePIN to build and deploy its projects on the blockchain. Features available to the project include a machine tokenization platform and a DePIN accelerator program.
In 2021, peak raised nearly $2.7 million in seed funding. The additional funds will be used primarily for ecosystem expansion and further development of solutions for developers. “We remain committed to expanding the ecosystem, which will benefit from additional funding from the Ecosystem Grants Program, and further developing the peq SDK and modular DePIN capabilities. All in all, this year will be intense, growth-focused, A very promising year, which is what we like,” peq co-founder Leonard Dorlochter told Cointelegraph.
