Peaq raises $15 million in capital round

Peaq can look forward to a multi-million dollar round. The money will be used to invest in expanding the DePIN ecosystem.

Peaq, a layer-1 blockchain for DePIN ("Decentralized Physical Infrastructure Networks") and RWA ("Real World Assets"), has $15 million raised in a capital round.

Investors include VCs Generative Ventures and Borderless Capital. The Spartan Group and HV Capital also participated in the funding.

Peaq plans to use the capital to expand the DePIN ecosystem, which already has more than 20 DePIN applications, according to the company.

DePIN is a decentralized application that uses blockchain tokens to digitally map real-world physical applications.

DePIN is currently one of the biggest topics in the blockchain space.

The analysis portal Messari estimates the sector's value at $3.5 trillion by 2028.

"The economy of things is a groundbreaking concept that is profoundly changing the way we interact with our increasingly connected world," said Lex Sokolin, Managing Partner at Generative Ventures.

"Peaq has made great progress in its mission to realize this concept and bring it to the economic and financial infrastructure of Web3. We are thrilled to support a project with so much vision - and the execution needed to bring it to life."

"We are thrilled to have the support and confidence of some of the biggest names in the Web3 industry at such a crucial time," said Till Wendler, co-founder of peaq.

He continued: "Our plan is to further open up peaq to the community, give them access to the tokens and go the extra mile to support the projects built on peaq."

More than 20 applications run on peaq in eight industries and more than 250,000 devices, vehicles, machines and robots (Machine RWAs) run on it.