According to information shared with CryptoSlate, the investment round was led by SNZ Capital, Foresight Ventures, FutureMoneyGroup, Borderless Capital, and others, with the funds being allocated towards long-term staked IOTX, the native token of the IoTeX network, as well as investments in DePIN projects building on the platform.

The IoTeX platform aims to connect smart devices and real-world data to blockchains, enabling developers to integrate Web3 technology into everyday life. With its EVM-compatible L1 blockchain, off-chain compute middleware and open hardware, IoTeX facilitates the interaction between billions of smart devices, machines, sensors, and dApps across the physical and digital world.

The IoTeX ecosystem has been actively involved in developing and expanding DePIN throughout 2024. In early 2024, FutureMoney Group, in partnership with the IoTeX Foundation, launched a $5 million DePIN accelerator program to support startups innovating in the space. Additionally, IoTeX has formed strategic alliances with organizations such as Ankr to bolster the DePIN ecosystem and enhance the performance and decentralization of decentralized networks.

Jing Sun, Co-Founder and Head of Investment at IoTeX, emphasized the potential for startups to innovate and bring verified, real-world data on-chain within the growing DePIN ecosystem. Sun stated,

“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.”

Keith Chen, Founding Partner of SNZ Capital, expressed excitement about investing in IoTeX and the DePIN projects building on its modular platform.

“IoTeX is working to propel the entire category forward through its tech stack and DePIN expertise, and we are excited to support the advancement of this industry sector as we anticipate extraordinary growth through the remainder of 2024 and beyond.”

Borderless Capital, known for being one of the most active DePIN investors, also participated in the funding round. Álvaro Gracia from Borderless Capital shared,

“We will work alongside IoTeX to support builders across every vertical, and we are excited to contribute to such a lively and rapidly growing community.”

With a focus on modular infrastructure, privacy, and traffic-routing solutions, IoTeX has positioned itself as a key player in the ongoing evolution of DePIN. The platform’s commitment to simplifying the lives of application builders by providing off-the-shelf infrastructure solutions and support for go-to-market strategies, liquidity building, and community development has attracted developers and fostered innovation within the DePIN space.

The DePIN space is worth almost $10 billion, with major protocols such as VeChain, Fetch.ai, Jasmy, IOTA, and Helium leading the space in market cap. Over the past 24 hours the sector is up 2.8% with $1 billion in volume.