Amazing news for our portfolio company, IoTeX. Incredible to see their team grows as they secured a funding round and will inevitably have continued success on the horizon!
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IoTeX has secured a $50 Million investment to accelerate DePIN ecosystem growth and adoption.
Backed by SNZ Capital, Foresight Ventures, Borderless Capital, Amber Group, FutureMoney Group, Metrics Ventures, Escape Velocity (EV3), Waterdrip Capital , Summer Capital, and Others.
The $50 million investment will go toward accelerating #DePIN growth and adoption through an investment in long-term staked $IOTX, the DePIN token that governs and fuels the #IoTeX DePIN ecosystem as well as investment in the DePIN projects building on IoTeX with the IoTeX Foundation and the DePINsurf accelerator fund.
Jing Sun, Co-Founder and Head of Investment of IoTeX, said, "The richness of the ever-growing DePIN ecosystem presents an exciting opportunity for startups to innovate and bring verified, real-world data on-chain. As a modular infrastructure, IoTeX fast-forwards the growth of projects building with us. The investment from these top VCs will act as a catalyst for this industry sector, spurring the growth of more projects in the IoTeX ecosystem and DePIN as a whole."
Read more: https://lnkd.in/eDUudGCj
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