Total amount raised
$54.5 Million
Latest funding date
04/01/2024
Location
IoTeX has successfully raised funding over six rounds, with the latest being a Venture - Series Unknown round. The platform is a modular Web3 infrastructure that connects smart devices and real-world data to blockchains.
IoTeX is backed by 24 investors, including BlockBase Ventures and Foresight Ventures. Keep reading to explore the intricacies of IoTeX's fundraising journey and the investors supporting this innovative platform.
What Is IoTeX?
IoTeX is a modular Web3 infrastructure platform that connects smart devices and real-world data to blockchains. The company operates in industries such as Blockchain, Cryptocurrency, Decentralized Finance (DeFi), Internet of Things, and Web3. Based in Houston, Texas, IoTeX has an employee count ranging from 51 to 100.
IoTeX aims to create an open ecosystem for real-world AI, transforming data from physical machine networks into collective intelligence. The company offers several core infrastructure tools, including a blockchain for secure transactions, a decentralized identity protocol, and a real-time AI interaction layer. Their mission is to integrate AI into everyday life, leveraging real-time data from machines and humans.
How Much Funding Has IoTeX Raised?
- Funding Round: Seed
- Amount Raised: Not publicly disclosed
- Date: February 2018
- Lead Investors: Draper Dragon
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of IoTeX's Web3 infrastructure platform.
- Funding Round: Series Unknown
- Amount Raised: Not publicly disclosed
- Date: October 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the ongoing development and expansion of IoTeX's platform.
- Funding Round: Series Unknown
- Amount Raised: Not publicly disclosed
- Date: July 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance IoTeX's infrastructure and ecosystem.
- Funding Round: Angel
- Amount Raised: USD 4,500,000
- Date: March 2021
- Lead Investors: Ashikur Rahaman
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the growth and adoption of IoTeX's ecosystem.
- Funding Round: Secondary Market
- Amount Raised: Not publicly disclosed
- Date: November 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity and support for IoTeX's token holders.
- Funding Round: Series Unknown
- Amount Raised: USD 50,000,000
- 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.
Total Amount Raised: USD 54,500,000. Current Valuation: Not publicly disclosed.
Key Investors
- BlockBase Ventures
- Details: BlockBase Ventures is a venture capital firm that invests in early-stage blockchain and cryptocurrency projects. They are known for their strategic investments in innovative technology startups.
- Investment Focus Areas: Blockchain technology, cryptocurrency, decentralized finance (DeFi).
- Notable Investments: Not publicly disclosed.
- Foresight Ventures
- Details: Foresight Ventures is a venture capital firm focusing on early-stage investments in the blockchain and cryptocurrency sectors. They aim to support the growth of innovative projects in the Web3 space.
- Investment Focus Areas: Blockchain technology, DeFi, digital assets.
- Notable Investments: Avalanche, Algorand, Chainlink.
- SNZ Capital
- Details: SNZ Capital is a venture capital firm known for investing in blockchain and cryptocurrency projects. They have expressed excitement about investing in IoTeX and the DePIN projects building on its modular platform.
- Investment Focus Areas: Blockchain technology, decentralized finance (DeFi), Web3 infrastructure.
- Notable Investments: Polkadot, Solana, Filecoin.
- FutureMoneyGroup
- Details: FutureMoneyGroup is a venture capital firm that invests in innovative technology startups, particularly in the blockchain space. They have collaborated with the IoTeX Foundation to launch a $5 million DePIN accelerator program.
- Investment Focus Areas: Blockchain technology, DeFi, digital infrastructure.
- Notable Investments: Ethereum, Polkadot, Cosmos.
- Borderless Capital
- Details: Borderless Capital is a venture capital firm that focuses on investing in blockchain and cryptocurrency projects. They are known for being one of the most active DePIN investors.
- Investment Focus Areas: DePIN, blockchain technology, decentralized networks.
- Notable Investments: Algorand, Celo, Helium.
What's Next for IoTeX?
IoTeX stands at the cusp of significant growth, driven by its recent $50 million investment aimed at expanding its DePIN ecosystem. This funding will enable IoTeX to enhance its platform, fostering the integration of smart devices and real-world data with blockchain technology. The opportunities are vast, with the DePIN market projected to surpass $3.5 trillion by 2028, positioning IoTeX to capture a substantial share of this burgeoning sector.
Future fundraising prospects look promising as the DePIN ecosystem continues to grow. IoTeX's strategic partnerships and accelerator programs are likely to attract additional investments, further fueling its expansion. However, the company may face challenges such as competition in the DePIN and IoT sectors, technical hurdles in integrating smart devices with blockchain, and ensuring data security and privacy in a decentralized network.
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