SNZ Capital, Foresight Ventures, FutureMoneyGroup, Borderless Capital, and Others Invest $50M into the IoTeX Ecosystem to Accelerate DePIN Growth & Adoption

IoTeX, a DePIN modular Web3 infrastructure platform connecting smart devices and real-world data to blockchains, announces a $50M investment into the IoTeX Ecosystem from SNZ Capital, Foresight Ventures, Borderless Capital, Amber Group, FutureMoneyGroup, Metrics Ventures, EV3, Waterdrip Capital and Others. The $50 million investment will go toward accelerating DePIN growth and adoption through an investment in long-term staked $IOTX, the DePIN token that governs and fuels the IoTeX DePIN ecosystem as well as investment in the DePIN projects building on IoTeX with the IoTeX Foundation and the DePINsurf accelerator fund.

Jing Sun, Co-Founder and Head of Investment of IoTeX, said, "The richness of the ever-growing DePIN ecosystem presents an exciting opportunity for startups to innovate and bring verified, real-world data on-chain. 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, shared, "We're very excited to be invested into the leading DePIN infrastructure provider IoTeX and the DePIN projects building on IoTeX's 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."

Álvaro Gracia from Borderless Capital said, "Being the most active DePIN investors, we are thrilled to be investing in IoTeX and its ecosystem, contributing to the enrichment and development of DePIN projects. 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."

Mike from Amber Group shared, "IoTeX provides a hub for DePIN projects to grow and innovate the entire sector collaboratively. We are excited to be investing in IoTeX and contribute to the real-world projects that will surely bring Web3 to people's everyday lives."

Jademont, Co-founder of Waterdrip Capital said, " IoTeX is committed to building a secure and scalable web3 infrastructure to connect devices and real world data, injecting new vitality and potential into the DePIN ecosystem. We are confident in the vision and innovative technology of the IoTeX team and look forward to partnering with them on this journey, jointly pioneering a new future in the DePIN fields."

To learn more about IoTeX, please visit this link.

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About IoTeX
IoTeX is DePIN's modular Web3 infrastructure platform connecting smart devices and real-world data to blockchains. It empowers developers to integrate Web3 into everyday life through innovations in connected vehicles, city mapping, green energy initiatives, super-charged fitness platforms, environmental data tracking, proof-of-presence applications, proof of humanity, and more. With the launch of W3bstream, the world's first zk off-chain compute framework for smart devices and real-world data, IoTeX has become the leading Decentralized Physical Infrastructure Network (DePIN) technology provider, enabling vertical innovations for machines, humans, businesses, and dApps to interact with trust and privacy. Backed by a global team of 60+ research scientists and engineers, IoTeX combines its EVM-compatible L1 blockchain, off-chain compute middleware, and open hardware to connect billions of smart devices, machines and sensors and dApps across the physical and digital world.
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