Satellite IM Completes $10.5 Million Seed Funding

Published on: 13.08.2022
Satellite IM Completes $10.5 Million Seed Funding

Satellite IM, a fully decentralized peer-to-peer communications platform, completes $10.5 million in its seed funding round led by Multicoin Venture Fund and Framework Ventures.

Satellite IM is proud to announce the completion of its $10.5 million seed funding round.

The round also saw participation from prominent institutional venture investors including Hashed Venture Fund, IDEO CoLab, Solana Ventures, and Pioneer Square Ventures Fund, among others.

Satellite IM Overview

Satellite IM is a first-of-its-kind Web3 communications platform with private messaging. It is built as an EVM-compatible evolving protocol for simple sovereign storage and peer-to-peer communication, leveraging the interplanetary filesystem (IPFS). The platform allows users to sign, encrypt, broadcast, search, and store documents or messages with decentralized identifiers (DIDs), all while making the need for an existing wallet or on-chain data completely optional.

Satellite IM has architected its platform in a developer-friendly modular framework. It enables users to build easily on top of the open-source platform, integrating multiple layer one blockchains.

Management Quote

Distributed network technology enables a new era in high fidelity audio and video experience,” said Matthew Wisniewski, Co-Founder and CEO of Satellite IM. “In tandem with our world class investors and partners, we are at the forefront of user-owned, secure communications. Our peer-to-peer infrastructure and open-source network unlocks unlimited community development opportunities.”

“Discord is trying to serve too many different types of communities with diverse sets of needs. Satellite is going to serve crypto communities by offering best in class crypto-native features. Along a credibly-neutral, decentralized back end,” said Kyle Samani, Managing Partner at Multicoin Capital.

“We are excited to see Satellite pushing the boundaries of what is possible in the social crypto space,” said Vance Spencer, Co-Founder of Framework Ventures. “We’ve been waiting for someone to build decentralized discord for a long time, and we think Satellite will be able to do it.”

Satellite IM’s initial early access launch on its core desktop protocol. And it is schedule for Summer of 2022, with a mobile native application launching in the Fall of 2022.

About Satellite IM

Satellite IM, fully decentralized peer-to-peer voice, video, and text communication platform. It enables simple sovereign storage and peer-to-peer communication, leveraging the interplanetary filesystem (IPFS) and dag-jose. Satellite IM’s initial core desktop application, Satellite IM, supports 4K video chat and streaming, lossless audio, and 4GB sharing capabilities, at no cost to the user. Satellite IM’s mobile-native application, Uplink, scheduled to be release in the Fall of 2022.

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SOURCE

https://www.businesswire.com/news/home/20220811005068/en/Decentralized-Communication-Platform-Satellite-IM-Completes-10.5-Million-Seed-Funding-Led-By-Multicoin-Venture-Fund-Framework-Ventures

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