Amsterdam’s Hivello, a startup that aims to increase the helium digital network by supplying Helium hotspots to people, has increased its funding round, securing an extra $1.5M (approximately €1.37M).
This boosts its total raised amount to $2.5M (approximately €2.29M) within the past four weeks. In December 2023, Hivello raised nearly €913K in its pre-seed round.
The funds will help Hivello to enhance its technological capabilities, accelerate product development, and solidify its position as a leading provider of Decentralised Physical Infrastructure Networks (DePIN) services.
Domenic Carosa, Chairman and co-founder of Hivello, says, “The incredible surge in demand we’ve seen from investors confirms the pressing need for accessible decentralised infrastructure.”
“The decision to upsize our round allows us to accelerate our mission and bolster our platform ahead of schedule. We are honoured by the commitment shown by both new and returning investors who share our vision for the future of DePIN.”
Investors supporting Hivello
The extended round saw participation from new investors such as Blockchange (USA), Cypher Capital, MH Ventures, Primal Capital, Contango Digital Assets, and Candaq.
Industry leaders, including NGC, Blockchain Founders Fund, IDG, and others from the initial pre-seed investment round, also joined the round.
Ken Seiff, Managing Partner of Blockchange Ventures, says, “We live in a world where our most expensive assets are not always fully utilised. The internet helped us optimise our cars and our homes – but much more can be done.”
“The blockchain is ideally suited to utilise the massive number of computers across the globe. Working together, these machines can rival the largest cloud providers, allowing owners to monetise without any of the capital expenditure.”
“We are excited to back the great founders of Hivello, which is helping owners generate and optimise revenue by redirecting computation and other digital resources to its highest and best use case.”
Making DePIN accessible
Founded in 2022 by Dom Carosa, Andrew Smith and Justin Rosenberg, Hivello aims to revolutionise global access to decentralised services. The company claims to be a leader in the Decentralised Physical Infrastructure Networks (DePIN) sector.
Hivello opens doors to participation in web3 projects, offering passive income without blockchain expertise. Its technology allows users to install an app on devices like computers, routers, and storage nodes, enabling them to mine DePIN protocols for Web3 applications.
The company says, “We’re motivated by our mission: to make DePIN easily accessible worldwide so everyone can benefit from its power.”
“By doing this, our vision is to create a more secure ecosystem where anyone can own their data safely over decentralised networks with peace of mind knowing it’s protected against any centralised interference or malicious entities.”
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