DePIN (Decentralised Physical Infrastructure Networks) reimagine the way we manage some of our most important connected infrastructure, like mobility, internet, or energy. It moves them from a corporate-owned to a community-powered paradigm. With an estimated market of $3.5 trillion by 2028, DePINs promise nothing short of a revolution. To succeed, this revolution needs a network that can work as a scalable, reliable, and secure backbone for these Web3 apps as they change the world one industry at a time.
peaq, an open-source network by Berlin-based startup EoT Labs, was designed to power applications that leverage real-world machines to deliver real-world goods and services to people. It enables building any dApp or DePIN for connected machines, anywhere and everywhere.
Raises $15M funding
peaq has raised $15 million in a pre-launch multi-tranche funding round led by Generative Ventures and Borderless Capital with the participation of Spartan Group (invested in MetaGravity and Brine Fi), HV Capital, CMCC Global, Animoca Brands, Moonrock Capital, Fundamental Labs, TRGC, DWF Labs, Crit Ventures, Cogitent Ventures, NGC Ventures, Agnostic Fund, Altana Wealth, and others.
The funding will be directed toward further expanding the peaq ecosystem, home to more than 20 DePINs, decentralised applications that use tokens to incentivise people to crowdsource and build connected real-world physical infrastructure. The funding comes at a crucial time for the project as it prepares for network launch after years of R&D.
Decentralised infrastructure for the Economy of Things
Founded by Max Thake, Till Wendler, and Leonard Dorlöchter in 2020, peaq empowers people to own and earn from mobility, energy, connectivity, environment, agriculture, and digital infrastructure. It serves as permissionless, borderless digital infrastructure for increasingly intelligent machines to serve all of humanity.
It features an array of backend functions for app builders, including Machine IDs, access management, AI agents, device data verification, and more. Its ecosystem includes a variety of supporting tools and services, such as a Machine Tokenisation Platform and a DePIN Accelerator in cooperation with Outlier Ventures.
Collaborations
The funding round follows a year of growth which saw over 20 DePINs join peaq. These include Silencio, an app for measuring noise pollution with smartphones, ELOOP, a fleet of tokenised car-sharing Teslas, and Wingbits, a network of community-run antennas listening to plane location data.
In 2023, peaq also powered a live demo of peer-to-peer parking at IAA MOBILITY in Munich together with the Bosch-led, EU-funded 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,” said Lex Sokolin, Managing Partner at Generative Ventures. “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.”
“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,” said Álvaro Gracia, Partner at Borderless Capital. “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.”
“We are thrilled to have the backing and trust of some of the biggest names in the Web3 industry at such a pivotal moment,” added Till Wendler, co-founder of peaq. “As we are nearing the mainnet launch and the first public token sale, this is the period that will define peaq’s future success — and with Generative Ventures, Borderless Capital, and other esteemed investors behind the project, we are certain that peaq will succeed on its mission and change the world.”
