Web3 Network Peaq Collects $6M in Seed Funding to Boost Its Network

Web3 Network Peaq Collects $6M in Seed Funding to Boost Its Network

The startup will leverage the freshly received funds to expand its blockchain-oriented network.

Peaq, a Berlin-based Web3 network building decentralized infrastructure for the Economy of Things (EOT), has reportedly collected $6M in seed funding led by Fundamental Labs.

The fundraiser also saw participation from other well-known partners, including Mulana Capital, Cypher Capital, GravityX Capital, Ceras Ventures, Master Ventures, Moonrock Capital, Waterdrip Capital, Hashkey Capital, Delta-v Capital, and GSR.

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According to the official announcement issued on June 28, the capital will be used to expand peaq’s blockchain-based network that provides individuals or businesses the ability to “build, govern, and earn” from decentralized applications (dApps) “for vehicles, robots, and devices.”

On top of that, the report read that some part of the funding will be also allocated to find new talents and launch brand new products and features, whereas the other to bring more awareness to “peaq’s bid for Polkadot parachain.”

Eric Yang, the managing partner at Fundamental Labs, has also shared his view about the fund and the network itself. He noted that peaq managed to develop something new and free, adding:

“Peaq created an open, and collaborative model of economic incentives that enables a diverse ecosystem of stakeholders to benefit from advancements in automation.”

Till Wendler, co-founder of peaq, also said that the recent fund will contribute greatly. In a nutshell, it will allow the company to lay the groundwork for maintaining its competitiveness as other technology-driven organizations are already bringing artificial intelligence (AI) and Web3 technology into their arsenal.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree


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