May 20, 2024
Blockless, a decentralized physical infrastructure network (DePIN) project focused on providing computing power support, announced it has raised $8 million in pre-seed and seed funding rounds. The pre-seed round of $3 million was led by NGC Ventures, while the seed round of $5 million was co-led by M31 Capital and Frachtis, a new fund formed by Xavier Meegan, Chief Investment Officer of staking firm Chorus One. Other participants included No Limit Holdings, MH Ventures, Interop Ventures, and Plassa Capital.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Blockless | $3M | May 20, 2024 | Pre-Seed | $8M | NGC Ventures, M31 Capital | DePin |
Blockless, founded in 2022 by Butian Li, Derek Anderson, Michael Chen, and Liam Zhang, aims to enable users to provide computing power to applications via its network automatically. The project utilizes a WebAssembly (WASM) application framework with an embedded "nestled node" in the application. This allows users to provide compute resources seamlessly when they open an application on the Blockless network. Applications and Blockless reward users for their contributions.
The funds raised will support Blockless as it prepares to launch its testnet in the coming weeks and its mainnet, along with its native BLESS token, in the third quarter of this year. The network is being developed using the Cosmos SDK to create its native infrastructure and token. Blockless plans to expand its core team, currently based in Palo Alto, California, and consisting of ten members, by hiring additional staff in engineering, product, and ecosystem functions.
Blockless competes with projects like io.net and Fluence Network. In March, io.net's developer raised $30 million in Series A funding and reached a token valuation of $1 billion.
About Blockless:
Blockless is a decentralized physical infrastructure network (DePIN) project that supports computing power through a WebAssembly (WASM) application framework. Founded in 2022 by Butian Li, Derek Anderson, Michael Chen, and Liam Zhang, Blockless enables users to provide compute resources seamlessly when they open an application. The company's core team is based in Palo Alto, California, and aims to launch its mainnet and native token, BLESS, in the third quarter of this year.
Website: https://blockless.network/
X Account: @theblockless
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About Investor
Investor: NGC Ventures and M31 Capital
Description:
NGC Ventures: NGC Ventures is a venture capital firm that invests in early-stage blockchain and cryptocurrency projects, supporting innovative startups that contribute to the blockchain ecosystem.
M31 Capital: M31 Capital is an investment firm specializing in blockchain and cryptocurrency ventures. Frachtis, co-led by Xavier Meegan, Chief Investment Officer of staking firm Chorus One, is a new fund dedicated to investing in early-stage blockchain projects.
Location: United States
Website: NGC Ventures and M31 Capital
LinkedIn: NGC Ventures and M31 Capital
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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