Solana DePIN Ambient raises funds ahead of token launch, acquires PlanetWatch's network

Ambient, a Solana SOL -2.49% -based decentralized physical infrastructure network (DePIN) focused on collecting environmental data, has raised $2 million in a seed funding round. 

Borderless Capital led the round, with Solana Ventures, Parami Investors, Sonic Boom Ventures, Primal Capital and others participating, Ambient said Tuesday.

Ambient started raising for the round in February and closed it in April, co-founder and CEO Luca Franchi told The Block. The round was structured as a simple agreement for future equity (SAFE) with token warrants, Franchi said, declining to comment on the valuation.

Ambient acquires PlanetWatch's network

Ambient was formed in January of this year. In March, it acquired PlanetWatch's network, an Algorand ALGO -4.47% -based DePIN project focused on air quality monitoring, and decided to migrate to Solana, Franchi said.

PlanetWatch's network currently has its own token, PLANETS, on the Algorand blockchain, but Ambient will launch its own new token on Solana. 

"The current network is powered by the PLANETS token. Over the coming weeks, we will publish a roadmap to launch a new token on Solana, along with migration incentives and an overhaul of the platform, to power Ambient's ambitions," Franchi said.

Ambient plans to launch on Solana testnet this summer before its token launch, Franchi added.

Ahead of the Solana migration, Ambient will onboard PlanetWatch's network of air quality sensors and community onto its network.

How Ambient works

Ambient collects "real-time and localized" environmental data through sensors.

Ambient data "can help improve global health and wellness starting with the air we breathe," Franchi said. "Ambient will over time expand to complementary environmental data sets like noise and light pollution."

The PlanetWatch network currently offers PLANETS tokens as a reward to users who provide data. Once Ambient launches its own Solana-based token, rewards will shift to that. The PLANETS token currently has a meager fully diluted valuation of $747,000.

Ambient claims its users have deployed over 25,000 environmental sensors across over 20 countries that capture data feeds every 5 minutes and have generated upwards of 10.7 billion data streams.

"The U.S., Germany and the Netherlands are our top three countries by sensors deployed to date," Franchi said. "Participants buy, deploy, and connect their sensors from a selection of network-certified equipment. Sensor costs range from $400 to $2,100 depending on indoor vs. outdoor use and air quality parameters measured."

Ambient plans to unveil a revised sensor storefront with the Solana launch and, over time, expand the range of certified hardware for a wider mix of use cases and price ranges, Franchi added.

Ambient is also planning to launch a mobile app to make capturing data more accessible for everyone and rewarding users.

(Updates to clarify Ambient has acquired PlanetWatch's network of air quality sensors)