Securing $15M in funding, EoT Labs’ open-source network, peaq, is poised to construct decentralized apps accessible globally

Berlin-based startup EoT Labs‘ open-source network peaq has raised $15 million in a fundraising round.

Investors:

In a pre-launch multi-tranche funding round led by Generative Ventures and Borderless Capital, peaq has raised money with additional participation from HV Capital, CMCC Global, Animoca Brands, Moonrock Capital, Fundamental Labs, TRGC, DWF Labs, Crit Ventures, Cogitent Ventures, NGC Ventures, Agnostic Fund, Altana Wealth, and Spartan Group (which owns investments in MetaGravity and Brine Fi).

The startup’s goal is to power applications that use actual machinery to provide customers with actual goods and services. It makes it possible to create any dApp or DePIN for any location’s connected computers.

The funds will be used to develop the peaq ecosystem, which is already home to over 20 DePINs—decentralized applications that employ tokens to encourage crowdsourcing and the construction of interconnected physical infrastructure in the real world. The project needs the funds now as it gets ready to debut on a network following years of research and development.

Empowering Digital Innovation:

Founded in 2020 by Max Thake, Till Wendler, and Leonard Dorlöchter, peaq empowers individuals to own and profit from digital infrastructure, energy, mobility, communication, environment, and agriculture. It provides borderless, permissionless digital infrastructure for ever more intelligent machines that benefit all of humanity.

For app developers, it offers a wide range of backend functionality, such as device data verification, AI agents, access management, Machine IDs, and more. A range of auxiliary tools and services are part of its ecosystem, including a DePIN Accelerator run in association with Outlier Ventures and a Machine Tokenization Platform.

The funding round comes after over 20 DePINs joined peaq during a year of expansion. Further, these include a fleet of tokenized Teslas operated by ELOOP, an open-source network of community-run antennas listening to plane location data, and Wingbits, an app for detecting noise pollution on cell phones.

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A live peer-to-peer parking demonstration was also enabled by peaq in 2023 at IAA MOBILITY in Munich, in collaboration with the Bosch-led, EU-funded Gaia-X moveID project, which also involves Airbus, Continental, and DENSO. peaq also showcased a comprehensive AI-powered sensor hub for DePINs as part of their ongoing partnership with Bosch and Fetch.ai.

Lex Sokolin, Managing Partner at Generative Ventures, stated:

“The Economy of Things is a ground-breaking concept driving a profound transition in how we run our increasingly connected world. Moreover, peaq has made significant progress toward realizing this idea and integrating it into the Web3 financial and economic infrastructure. We are happy to provide support for a project that has such a clear vision and the necessary execution to make it a reality.”

Partner at Borderless Capital Álvaro Gracia stated:

“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. peaq positioned itself as the blockchain catering to all real-world applications, foreseeing this trend before it gained recognition. With DePIN emerging as the most intriguing sector in Web3, this puts the network at the forefront of a growing wave.”

Image Credit: peaq