CoinFund leads $11.5 million Series A funding round for decentralized car data network developer
Quick Take
- Digital Infrastructure Inc, the DePIN startup building out the DIMO network, raised $11.5 million in Series A funding in a round led by CoinFund.
- CoinFund’s Chief Investment Officer Alex Felix will join the startup’s board of directors.
- The DIMO network is a decentralized car data protocol, and its companion app allows users to view their car data and earn token rewards.
Digital Infrastructure Inc, a startup specializing in decentralized physical infrastructure networks, raised $11.5 million in Series A funding.
The crypto investment firm CoinFund led the round, which had additional participation from Slow Ventures, ConsenSys Mesh, Borderless Capital, Bill Ackman's Table Management and former General Motors CEO G. Rick Wagoner Jr., among others.
CoinFund's managing partner and chief investment officer Alex Felix will join Digital Infrastructure Inc's board of directors. The Series A raise brings the startup's total funding to $22 million, a company spokesperson told The Block.
Digital Infrastructure Inc is building out the DIMO network, a decentralized car data protocol, and DIMO Mobile, an app that allows drivers to collect and view their own car data and collect rewards via the DIMO token.
"This round of funding is a pivotal step in solidifying DIMO's position as a foundational DePIN network. With over 36,000 cars connected to our network, which represents over $1 billion USD in assets, we've built a valuable utility for developers and will be enhancing their ability to build on the network with new tools over the course of the year," Andrew Chatham, CEO of Digital Infrastructure Inc and co-founder of DIMO, said in an email to The Block.
Digital Infrastructure Inc added that it saw 900% growth on the DIMO network over 2023, increasing the number of cars from 3,000 throughout the year.
DIMO token
DIMO has a circulating supply of over 198 million tokens and a fully diluted market capitalization of $481.1 million, according to the crypto price tracker CoinMarketCap. As of 9:20 a.m. ET on Jan. 16, DIMO traded hands for $0.48 after rising 2.3% over the past 24 hours.
DIMO's 24-hour price performance. Image: CoinMarketCap
In late 2022, the team behind the DIMO protocol launched the network's mainnet and began a token airdrop that rewarded individuals if they plugged their car into the network, The Block previously reported. One function of the tokens was to provide governance in an effort to decentralize the network.
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