DePIN project on the Solana blockchain raises $30 million in Series A funding

Projects on Solana, the most talked about asset of the last period in the cryptocurrency industry, have also started to enter the radar of VCs. Solana-based IO Research received $30 million in investment from companies including crypto giants such as Solana Ventures, OKX Ventures, Aptos Labs, and Sandbox. The token value of the company, which will issue its token at the end of April and distribute it to investors, has reached $1 billion.

DePIN project on the Solana blockchain raises $30 million in Series A funding

IO Research, the development company behind Solana-based decentralised physical infrastructure (DePIN) provider io.net, has raised $30 million in a Series A funding round. The funding round was led by US-based venture capital firm Hack VC.

Apart from Hack VC, Multicoin Capital, 6th Man Ventures, Solana Ventures, OKX Ventures, Aptos Labs, Delphi Digital, Sandbox were other companies participating in the round. Sandbox CEO Sebastien Borget also personally invested in the company.

With this investment, the company aims to increase its team of 50 people to 100 and grow the network.

According to the information provided by The Block, investing companies were guaranteed a 1 to 1 ratio of 1 to 1 token according to the shares they obtained. Ahmed Shadid, CEO of io.net, said that the tokens of the entitled investors will remain locked for at least a year.

Token launches on 28 April

The total investment for IO, io.net’s own token, has exceeded $1 billion. The token will officially enter circulation on 28 April.

What are the functions and services of io.net?

As it is known, one of the most talked about categories of the last period in cryptocurrencies is the field of “Decentralised Physical Infrastructure”, known as DePIN…

The goal of this field is to enable the decentralised use of infrastructure services, from internet connections to energy resources, independently from companies that have created monopolies.

io.net, which serves in this field, is interested in providing GPU, i.e. processor power, which is of great importance in artificial intelligence and machine learning, to users and organisations.

The company offers both cheaper cost and faster transaction completion.

In November, it was stated that the company had more than 25,000 GPUs and provided more than 40,000 hours of computing time services to companies operating in the field of artificial intelligence and machine learning.

Io.net, which serves on Solana, allows every computational work and transaction between the two parties to be seen transparently on the blockchain.

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