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PEAQ Raised $6Million in Funding

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PEAQ, Powering the Economy of Things on Polkadot, has raised a $6Million funding round, led by Fundamental Labs.

About the Raised Capital

PEAQ Network has raised $6Million in funding to support the ongoing expansion of the peaq network. Which empowers individuals and organizations to build, govern, and earn from dApps (decentralized applications) for vehicles, robots, and devices.

However, dApps that can be built on peaq include vehicle sharing, charging and parking. Moreover, the core can build on an open, decentralized network adhering to Web3 incentive models, not Big Tech.

In providing the peaq network as a neutral backbone for people to build dApps for machines. Indeed, peaq aims to solve the societal and economic challenges associated with machine-related job automation and ensure that anyone can benefit from machines providing goods and services to people and other machines – no matter how intelligent they become.

Management Quote

– Eric Yang, Managing Partner at Fundamental Labs

“peaq has created a unique, open, and collaborative model of economic incentives that enables a diverse ecosystem of stakeholders to benefit from advancements in automation, via Machine DeFi and Machine NFTs. While, peaq provides a vital mechanism as we step closer to fulfilling the vision underpinning Web3. As the infrastructure of the next iteration of the Internet of Things blossoms, and as the benefits of blockchain technology in everyday life become clearer, the need for peaq’s machine-centric network becomes more and more apparent.”

– Till Wendler, Co-founder of peaq

“Today’s funding milestone allows us to continue to strengthen and diversify peaq’s offering as the network that powers a fully decentralized machine economy. The enablement of wealth creation in the Economy of Things (EoT) based on aligned economic incentives, shared ownership, universal accessibility, and peer-to-peer offering of goods and services is an absolute necessity as the world moves forward with Web3 adoption and as our reliance on AI increases.”

The funds will primarily be used to grow its stellar development team, with portions also set aside to roll out new products and features to the peaq ecosystem, and to increase awareness around the project in the run up to peaq’s bid for Polkadot parachain. peaq’s layer-1 blockchain is built with Substrate, making it natively compatible with Polkadot. To achieve seamless cross-chain interoperability with the rest of the Polkadot ecosystem, peaq will be running for Polkadot parachain.

peaq provides identity, access, and payment capabilities as core functions for developers designing dApps for the EoT. In addition to receiving investment from Fundamental Labs, HashKey, Delta VC, and GSR, peaq has attracted investment from Mulana, Cypher Capital, GravityX, Waterdrip, Ceras Ventures, Masterventures, Moonrock Capital and Wami Capital.

About PEAQ NETWORK

peaq enables people to build decentralized applications (dApps) for vehicles, robots and devices. While empowering dApp builders and users to govern and earn from machines providing goods and services to people and other machines.

Website | Twitter

SOURCE

https://www.peaq.network/blog/peaq-raises-6-million-funding-to-power-the-economy-of-things

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