IoTeX Secures $50 Million Investment for DePIN Platform Growth

The decentralized Physical Infrastructure Network (DePIN) platform IoTeX has announced a significant milestone with the securing of a $50 million investment from a consortium of venture capital firms. The funds will be used to accelerate the growth and adoption of the IoTeX ecosystem.

According to sources familiar with the matter, the investment round was led by SNZ Capital, Foresight Ventures, FutureMoneyGroup, Borderless Capital, and other investors. The capital raised will be utilized for long-term staked IOTX, the native token of the IoTeX network, as well as investments in DePIN projects being developed on the platform.

IoTeX aims to bridge the gap between smart devices, real-world data, and blockchains to enable developers to integrate Web3 technology into daily life. With its EVM-compatible L1 blockchain, off-chain compute middleware, and open hardware, IoTeX is facilitating the interaction between billions of smart devices, machines, sensors, and dApps across both physical and digital realms.

Throughout 2024, the IoTeX ecosystem has been actively involved in advancing and expanding DePIN. Key initiatives include a $5 million DePIN accelerator program launched by FutureMoneyGroup in partnership with the IoTeX Foundation to support startups in the space. Additionally, strategic partnerships with organizations like Ankr have been formed to strengthen the DePIN ecosystem.

Jing Sun, Co-Founder and Head of Investment at IoTeX, highlighted the opportunities for startups to innovate within the growing DePIN ecosystem. Sun emphasized the role of investment from top VCs in driving growth and fostering more projects within the IoTeX ecosystem and DePIN.

Keith Chen, Founding Partner of SNZ Capital, expressed excitement about investing in IoTeX and its modular platform. Borderless Capital, known for its active investment in DePIN, also participated in the funding round, with Álvaro Gracia from Borderless Capital expressing support for builders within the community.

IoTeX’s focus on modular infrastructure, privacy, and traffic-routing solutions has positioned it as a key player in the evolving DePIN space. The platform’s commitment to simplifying application builders’ lives through infrastructure solutions and support for go-to-market strategies has attracted developers and fostered innovation in the sector.

The DePIN space, currently valued at nearly $10 billion, is led by major protocols like VeChain, Fetch.ai, Jasmy, IOTA, and Helium. Over the past 24 hours, the sector has seen a 2.8% increase in value with $1 billion in volume.

As IoTeX continues to drive growth and innovation in the DePIN space, investors and developers are eagerly anticipating further advancements in the industry for the rest of 2024 and beyond.

Fabio

Full Stack Developer

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