DePIN Layer 1 peaq raises $15 million in pre-launch funding

Quick Take

  • DePIN Layer 1 blockchain project peaq raised $15 million in a pre-launch funding round led by Generative Ventures and Borderless Capital.
  • The funding will be used to expand the peaq ecosystem of decentralized physical infrastructure networks ahead of a public offering and mainnet launch.

Blockchain project peaq, a Layer 1 for decentralized physical infrastructure networks (DePINs), has raised $15 million in a pre-launch multi-tranche funding round co-led by Generative Ventures and Borderless Capital.

Spartan Group, HV Capital, CMCC Global, Animoca Brands, Moonrock Capital, Fundamental Labs, TRGC, DWF Labs, Crit Ventures, Cogitent Ventures, NGC Ventures, Agnostic Fund, Altana Wealth, also participated in the round, among others. 

The funding will be used to expand peaq’s ecosystem of more than 20 DePINs in areas including multi-chain machine IDs, AI agents and data verification, according to a statement shared with The Block.

More specifically, the capital will be allocated toward developing peaq’s Modular DePIN functions and SDK, enabling DePIN projects to build and deploy their applications on peaq more efficiently.

DePIN protocols are one of the newest growth niches for the crypto industry. DePINs leverage token incentives, composable with the broader DeFi ecosystem, to help bootstrap hardware networks, offering distributed networks of computers offering services like computing power and storage.

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