peaq raises $15M for web3-enabled public infrastructure

peaq has raised $15M to strengthen its web3 network, which enables communities to mobilise around improving physical infrastructure, as the company prepares for launch. Currently, peaq hosts 20 decentralized physical infrastructure networks (DePINs), decentralized apps that use tokens to incentivize people to crowdsource and build connected real-world infrastructure. The funding anticipates peaq's network launch after years of R&D.

DePINs aim to restructure the ownership of infrastructure like mobility, internet and energy, moving them from a corporate to community-owned paradigm. Popular DePINs on the network include Silencio, an app for measuring noise pollution with smartphones and ELOOP, a fleet of car-sharing Tesla's.

The $15M will be directed towards peaq’s Ecosystem Grant Program as well as enabling further development of backend functions and Software Development Kit, enabling teams to build and deploy projects faster.

The round was led by Generative Ventures and Borderless Capital with the participation of Spartan Group, HV Capital, CMCC Global, Animoca Brands, Moonrock Capital, Fundamental Labs, TRGC, DWF Labs and others.

“The Economy of Things is a ground-breaking concept powering a profound transition in how we run our increasingly connected world,” commented Lex Sokolin, Managing Partner at Generative Ventures. “peaq has made great strides on its mission to make this concept a reality and put it on Web3 economic and financial infrastructure. We are thrilled to support a project with so much vision — and the execution needed to bring it to life.”

Álvaro Gracia, Partner at Borderless Capital, said: 

peaq identified this trend even before it was named and positioned itself as the blockchain for anything real-world. This places the network at the very spearhead of a rising tide in Web3, where DePIN is becoming the most interesting vertical.