The startup specializing in decentralized physical infrastructure networks, Digital Infrastructure Inc., has secured $11.5 million in Series A funding, led by the crypto investment firm CoinFund.
Additional investors include Slow Ventures, ConsenSys Mesh, Borderless Capital, Table Management by Bill Ackman, and former GM CEO G. Rick Wagoner Jr. This round brings Digital Infrastructure’s total funding to $22 million.
The company is actively working on the DIMO network, a decentralized car data protocol, and DIMO Mobile, an app empowering drivers to collect and access their car data while earning rewards through the DIMO token.
CEO Andrew Chatham stated, “This round of funding is a pivotal step in solidifying DIMO’s position as a foundational DePIN network. With over 36,000 cars connected to our network, which represents over $1 billion USD in assets.”
In 2023, DIMO experienced remarkable growth, boasting a 900% increase in its network, connecting 30,000+ cars. Currently, the DIMO token is trading at $0.48, with a fully diluted market cap of $481.1 million.
Digital Infrastructure’s successful Series A funding and the significant growth of the DIMO network underscore the increasing importance and potential of decentralized infrastructure solutions in the automotive sector.
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