Digital Infrastructure, a startup specializing in decentralized physical infrastructure networks, has successfully raised $11.5 million in its Series A funding round. The round saw participation from major investors such as crypto investment firm CoinFund, Slow Ventures, ConsenSys Mesh, Borderless Capital, Bill Ackman’s Table Management, and former General Motors CEO G. Rick Wagoner Jr.
Digital Infrastructure Completes Investment Round
It was announced that CoinFund’s managing partner and chief investment officer, Alex Felix, will join the board of Digital Infrastructure. According to a company spokesperson, the Series A funding round brings Digital Infrastructure’s total funds to $22 million.
Digital Infrastructure is developing the DIMO network, a decentralized vehicle data protocol, and DIMO Mobile, an application that allows drivers to collect and view their vehicle data and earn rewards through DIMO tokens. CEO of Digital Infrastructure and co-founder of DIMO, Andrew Chatham, stated:
“This financing round is a very important step in solidifying DIMO’s position as a fundamental DePIN network. With over 36,000 vehicles connected to our network and assets worth over 1 billion USD, we have created a valuable utility for developers and will enhance our network development capabilities with new vehicles throughout the year.”
The Decentralized Infrastructure team also announced that the DIMO network experienced a 900% growth by 2023 and increased the number of vehicles to 3,000 throughout the year.
Details on the DIMO Token
According to data from the crypto price tracking platform CoinMarketCap, DIMO has a circulating supply of over 198 million tokens and a fully diluted market value of $481.1 million. At the time of writing, DIMO was trading at $0.48779, up 1.10% in the last 24 hours.
At the end of 2022, the team behind the DIMO protocol launched the network’s mainnet and initiated a token airdrop event to reward individuals for registering their vehicles on the network. Another function of the tokens was to provide governance to decentralize the network.
