Digital Infrastructure Raises $11.5 Million in Series A Funding
Digital Infrastructure, a startup specializing in decentralized physical infrastructure networks, has secured $11.5 million in Series A funding. CoinFund, a crypto investment firm, led the round, with participation from Slow Ventures, ConsenSys Mesh, Borderless Capital, Bill Ackman’s Table Management, and former General Motors CEO G. Rick Wagoner Jr., among others. CoinFund’s managing partner and chief investment officer Alex Felix will join Digital Infrastructure’s board of directors. This latest funding brings the company’s total funding to $22 million.
Building the DIMO Network
Digital Infrastructure is currently developing the DIMO network, a decentralized car data protocol. They are also working on DIMO Mobile, an app that allows drivers to collect and view their own car data and earn rewards through the DIMO token.
According to Andrew Chatham, CEO of Digital Infrastructure and co-founder of DIMO, this funding round is crucial for solidifying DIMO’s position as a foundational DePIN network. The company has already connected over 36,000 cars to their network, representing over $1 billion USD in assets. Chatham also mentioned that they plan to introduce new tools throughout the year to enhance developers’ ability to build on the network.
Impressive Growth on the DIMO Network
Decentralized Infrastructure reported a staggering 900% growth on the DIMO network in 2023. The number of connected cars increased from 3,000 at the beginning of the year to over 36,000 by year-end.
The DIMO Token
The DIMO token currently has a circulating supply of over 198 million tokens and a fully diluted market capitalization of $481.1 million. As of January 16th, the token was trading at $0.48, experiencing a 2.3% increase over the past 24 hours.
Hot Take: Digital Infrastructure Raises Funding to Expand DIMO Network
Digital Infrastructure’s successful Series A funding round of $11.5 million will enable them to further develop their decentralized car data protocol, DIMO, and expand their network. With over 36,000 connected cars and $1 billion USD in assets already on their network, Digital Infrastructure aims to provide valuable utilities for developers and enhance their ability to build on the network with new tools throughout the year. This funding round signifies a significant step in establishing DIMO as a foundational DePIN network in the decentralized infrastructure space.
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