Amsterdam-based Hivello, a startup specialised in decentralised physical infrastructure networks (DePIN), announced on Thursday, December 14 that it has closed $1M (approximately €913K) funding in a pre-seed investment round.
The funding round was backed by NGC, Blockchain Founders Fund, Side Door Ventures, IDG, Bing Ventures, MEXC Exchange, XT.com Exchange, Genesis Block, and NxGen.
The company intends to use the funds to expand operations and its development efforts.
Domenic Carosa, Chairman and Co-Founder of Hivello, shares, “This is a pivotal step forward. At Hivello, we’re committed to reshaping infrastructure by making decentralised systems universally accessible. Our deep roots in the blockchain payment sector through Banxa give us the unique ability to understand and innovate in the DePIN space. With the unwavering support of our investors, we’re poised to address the burgeoning needs of blockchain-based applications with robust, democratised infrastructure.”
Hivello: Democratising DePIN
Co-founded by Dom Carosa, Andrew Smith, and Justin Rosenberg, Hivello is dedicated to transforming the accessibility of decentralised services by leveraging its Decentralised Physical Infrastructure Networks (DePIN).
The company is also launching its technology this Christmas and expects to integrate up to 100 DePIN’s over the coming 12 months.
This will mark a significant leap in the availability of decentralised services, claims the company.
Roger Lim, Founding Partner of NGC Ventures, says, “Innovation is at the core of NGC’s investment strategy, and Hivello embodies the transformative technology we seek. Domenic Carosa and Andrew Smith’s track record with Banxa stands as a strong indicator of Hivello’s potential. We’re excited to play a role in Hivello’s journey as they aim to redefine the DePIN space and catalyse the evolution of blockchain applications.”
Users can install the app on their physical devices like computers, routers, modems, and storage nodes; by contributing resources they can start mining DePIN (Decentralised Physical Infrastructure Networks) protocols for Web3 applications without any specialised technical knowledge.
Tobias Bauer, Partner at Blockchain Founders Fund, adds, “Supporting Hivello’s mission to democratise decentralised infrastructure is a thrilling opportunity. We see immense value in their approach to making such infrastructure widely accessible, and we are confident that Hivello’s platform will significantly impact the blockchain ecosystem.”
