EQS-News: Advanced Blockchain AG: Portfolio Company peaq successfully raised $15 million in pre-launch funding

28.03.24 09:40 Uhr

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EQS-News: Advanced Blockchain AG / Key word(s): Financing/Cryptocurrency / Blockchain
Advanced Blockchain AG: Portfolio Company peaq successfully raised $15 million in pre-launch funding

28.03.2024 / 09:40 CET/CEST
The issuer is solely responsible for the content of this announcement.


Advanced Blockchain AG: Portfolio Company peaq successfully raised $15 million in pre-launch funding

  • peaq raised $15 million in a pre-launch funding round led by Generative Ventures and Borderless Capital.
  • Funding will expand peaq´s ecosystem of decentralized physical infrastructure networks and support the launch of the mainnet.
  • Advanced Blockchain maintains 37% ownership in EoT Labs and holds a PEAQ-token stake exceeding 2%.

March 28, 2024 – Advanced Blockchain AG ("AB", Scale Frankfurt, Primary Market Düsseldorf, XETRA: ISIN DE000A0M93V6), a leading incubator and investor in the blockchain industry, is excited to announce that its portfolio company peaq successfully raised $15 million in a pre-launch funding round led by Generative Ventures and Borderless Capital.

The new capital will facilitate growth of the peaq ecosystem, expanding its network of more than 20 Decentralized Phyiscal Networks (DePINs). These networks will focus on areas such as multi-blockchain machine IDs, AI agents and data verification, according to a statement shared with The Block. Specifically, the funds will be allocated toward developing peaq’s Modular DePIN functions and Software Development Kit (SDK), enabling DePIN projects to build and deploy their applications on peaq more efficiently.

Existing peaq-based projects include Silencio, an app for noise pollution measurement using smartphones, ELOOP, a fleet of tokenized car-sharing Teslas, and Wingbits, a network of community-run antennas listening to plane location data. According to Messari, a crypto market data provider, DePIN could potentially reach a market value of $3.5 trillion by 2028.

Advanced Blockchain remains convinced that these latest developments will also have a strong positive impact on its shares held in EoT Labs where it holds an equity stake of 37%. Additionally, through a subsidiary, Advanced Blockchain holds delivery claims of more than 2% of the PEAQ-token as well as KREST-token, which currently have a total value of approx. $3.4 million.

Simon Telian, CEO of AB, comments: "peaq's $15 million pre-launch funding marks a pivotal step in their mission to redefine decentralized infrastructure networks. With this support, we are convinced that the peaq team will deliver on its long awaited token launch and are looking forward to welcoming more investors to the peaq ecosystem."

Both the Advanced Blockchain Management team as well as the peaq Management team will be attending the TOKEN2049 conference in Dubai next month.

 

About Advanced Blockchain AG:
Advanced Blockchain AG (Scale Frankfurt, Primary Market Düsseldorf, XETRA: ISIN DE000A0M93V6) is a venture builder and investor in the blockchain industry with an extensive network of analysts, developers, programmers, economists, and mathematicians. Advanced Blockchain AG is dedicated to developing the future of Web 3.0 and innovating in different ecosystems and markets of the industry.

For more information about Advanced Blockchain AG, its various projects, and investments, please visit https://www.advancedblockchain.com/.


Contact:
ir@advancedblockchain.com

 



28.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Advanced Blockchain AG
Scharnhorststraße 24
10115 Berlin
Germany
Phone: +4930403669510
Fax: 030403669511
E-mail: info@advancedblockchain.com
Internet: www.advancedblockchain.com
ISIN: DE000A0M93V6
WKN: A0M93V
Listed: Regulated Unofficial Market in Berlin, Dusseldorf (Primärmarkt), Frankfurt (Scale), Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1869345

 
End of News EQS News Service

1869345  28.03.2024 CET/CEST

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