MachineFi Lab raises US $10 million in seed funding

MachineFi Lab, which incentivizes the collection of real-world Internet of Things (IoT) device data through decentralized applications (dapps), has raised US $10 million in a seed funding round led by Samsung Next, Draper Dragon Fund and Jump Capital. The round valued MachineFi at $100 million.

MachineFi was launched last year by the team behind IoTeX, a blockchain that connects IoT devices, such as cameras and sensors, to dapps. The connection of real-world devices to blockchain data could have a wide range of use cases, but could prove particularly valuable for bringing the metaverse into the real world, and vice versa.

Other investors in the round included Hashkey Capital, IOSG, Escape Velocity, Goodwater Capital, Xoogler Ventures, Wemade, Hanwha, Alpha Grep, DHVC, Vista Lab, Ribbit Angel Fund and NewBuild VC, among others.

MachineFi offers a full infrastructure suite, including an Ethereum Virtual Machine (EVM) blockchain, multichain crypto wallet, blockchain bridge, an onboarding platform and software development kits (SDKs). The suite helps developers create dapps and machine networks.

Image credit: MachineFi

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