Total amount raised
$54.5 Millions
Latest funding date
04/01/2024
Location
IoTeX has successfully raised significant funding through various rounds, establishing itself as a key player in the Web3 infrastructure space. The platform focuses on integrating Decentralized Physical Infrastructure Networks (DePIN) with Artificial Intelligence (AI), offering a comprehensive suite of tools and modules for developers.
Keep reading to explore the intricacies of IoTeX's fundraising journey and the investors backing this innovative platform.
What Is IoTeX?
IoTeX, founded in July 2017, is a pioneering company in the blockchain and AI integration industry. Based in Houston, Texas, the company was established by Jing Sun, Qevan Guo, and Raullen Chai. With a team of 51-100 employees, IoTeX focuses on creating a modular Web3 infrastructure that connects smart devices and real-world data to blockchains.
The platform aims to integrate Web3 into everyday life through innovations in various sectors such as smart vehicles, city mapping, green energy, fitness platforms, and environmental data tracking. IoTeX has launched W3bstream, the world's first off-chain compute framework for smart devices and real-world data, positioning itself as a leading provider of Decentralized Physical Infrastructure Network (DePIN) technology.
How Much Funding Has IoTeX Raised?
- Venture Round
- Amount Raised: $50M
- Date: April 2024
- Lead Investors: SNZ Capital, Foresight Ventures, FutureMoneyGroup, Borderless Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the growth and adoption of IoTeX's ecosystem, focusing on connecting smart devices and real-world data to blockchains.
- Secondary Market
- Date: November 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity and support strategic growth initiatives.
- Angel Round
- Amount Raised: $4.5M
- Date: March 2021
- Lead Investors: Ashikur Rahaman
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund early-stage development and expand the team.
- Venture Round
- Date: July 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance platform capabilities.
- Venture Round
- Date: October 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product development and market expansion.
- Seed Round
- Date: May 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund initial product development and go-to-market strategy.
- Venture Round
- Date: February 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate platform development and secure strategic partnerships.
- Seed Round
- Date: February 2018
- Lead Investors: Draper Dragon
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the foundation of the IoTeX platform and attract early adopters.
Total Amount Raised: $54.5M
Current Valuation: Not publicly disclosed
Key Investors
- SNZ Capital
- Details: SNZ Capital is a venture capital firm that has shown interest in investing in innovative blockchain technologies.
- Investment Focus Areas: Blockchain technology, decentralized networks, infrastructure projects.
- Notable Investments: Various blockchain projects and startups.
- Foresight Ventures
- Details: Foresight Ventures is a venture capital firm involved in the recent investment round for IoTeX.
- Investment Focus Areas: Blockchain technology, decentralized applications, cryptocurrency.
- Notable Investments: Multiple early-stage blockchain startups.
- FutureMoneyGroup
- Details: FutureMoneyGroup is a venture capital firm that collaborates with the IoTeX Foundation.
- Investment Focus Areas: DePIN projects, blockchain technology, decentralized technologies.
- Notable Investments: Launched a $5 million DePIN accelerator program in collaboration with the IoTeX Foundation.
- Borderless Capital
- Details: Borderless Capital is a venture capital firm that invests in blockchain and decentralized technologies.
- Investment Focus Areas: Blockchain technology, decentralized networks, modular infrastructure.
- Notable Investments: Known for being one of the most active DePIN investors.
- Draper Dragon
- Details: Draper Dragon is a venture capital firm that focuses on early-stage investments in technology companies.
- Investment Focus Areas: Blockchain technology, artificial intelligence, fintech.
- Notable Investments: VeChain, Ledger, Telegram.
What's Next for IoTeX?
IoTeX stands at the cusp of significant growth opportunities, driven by its recent $50 million investment aimed at expanding its Decentralized Physical Infrastructure Network (DePIN) ecosystem. The platform's strategic alliances and accelerator programs are set to foster innovation and integration of Web3 technology into everyday life, potentially connecting billions of smart devices and real-world data to blockchains.
Future fundraising opportunities appear promising as the DePIN space, valued at nearly $10 billion, continues to attract venture capital interest. IoTeX's ongoing strategic partnerships and the expansion of its accelerator programs are likely to draw additional investments, further bolstering its ecosystem.
However, IoTeX may face challenges such as navigating regulatory landscapes, ensuring the security and scalability of its network, and competing with established players in the decentralized infrastructure space. Addressing these hurdles will be crucial for sustaining its growth trajectory and maintaining its competitive edge.
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