Web3 network Peaq raises $6 million in a round led by Fundamental Labs

Web3 network Peaq has raised $6 million in a round led by blockchain venture capital firm Fundamental Labs. 

Other investors in the round included HashKey, Delta VC, GSR and Cypher Capital, according to a statement t0day. The valuation was not disclosed.

Peaq says it's a network that empowers individuals to build decentralized applications (dApps) for vehicles, robots and devices including sharing, charging and parking functionalities. It says that through this system people can retain profit, ownership and governance rights over machines in what it terms as the "economy of things". The company believes that this will become a decentralized alternative to the Big Tech-controlled Internet of Things (IoT).

The blockchain underpinning Peaq is built with Substrate, a software development kit used by developers to create the parachains that make up the Polkadot blockchain network. 

"Peaq provides a vital mechanism as we step closer to fulfilling the vision underpinning web3", said Fundamental Labs managing partner Eric Yang. "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.”

The funding will be primarily used to grow its development team with a share set out to launch new products and features. It will also carve out part of its budget to market and increased awareness of the project. 

Peaq isn't the only company hoping to create a decentralized IoT business model that has raised funds recently. Earlier this year, decentralized wireless network Helium raised $200 million in a round that included investors such as Tiger Global and FTX Ventures.