Framework Ventures leads $2.5 million funding round for DePIN startup Starpower
Quick Take
- Solana Ventures and Bitscale Capital provided additional support in Starpower’s recent financing.
- Starpower is creating a decentralized network of energy sources, including storage batteries and electric vehicles, to help meet power needs.
Starpower, a startup that develops decentralized physical infrastructure networks (DePINs), has raised $2.5 million in new financing, bringing its total funding to $4 million.
Framework Ventures led the round. Solana Ventures and Bitscale Capital provided additional support, according to a release shared with The Block.
Starpower is creating a decentralized network of energy sources, including storage batteries and electric vehicles, to help meet power needs. Its protocol amassed 1.5 million registered wallets and over 16,000 activated devices, in addition to $1 million in revenue, the release continues. The firm intends to use the funds to continue building its decentralized platform and increase efforts to improve user adoption.
“Starpower envisions a future where decentralized energy solutions address the real-world challenges of renewable energy volatility and the growing energy demands of AI," said Laser Ding, CEO and Co-Founder of Starpower. "By integrating advanced batteries (DeSci) into a resilient, decentralized network, Starpower ensures stable, scalable energy while alleviating pressure on the power grid."
Starpower previously raised $1.5 million in pre-seed funding led by the DAO Alliance.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
