DePIN Io.net Secures $30M in Series A Funding Round, Fueling Innovation and Growth

On Tuesday, March 5, IO Research, the developer behind the Solana-based decentralized physical infrastructure network io.net, announced a successful $30 million Series A funding round led by Hack VC. Other notable contributors include Multicoin Capital, Solana Ventures, and OKX Ventures, among others. The funding round was structured as a simple agreement for future equity (SAFE), with token warrants issued at a 1:1 ratio.

io.net's Latest Funding Round Doubles Valuation to $1 Billion, Signaling Strong Investor Confidence in Market Position

The latest funding round, initiated in January, culminated in a fully diluted token valuation of $1 billion, significantly bolstering io.net's position in the market. While most investors joined the round earlier at a valuation of $500 million, the recent influx of funds underscores investor confidence in the project's potential.

io.net Strategically Expands Team Following $1 Billion Valuation: Doubling Staff to Meet Growing Demand Ahead of IO Token Release

With this fresh infusion of capital, io.net plans to double its team size from 50 to 100 individuals by the end of the year. This expansion is crucial for meeting the increasing demand from customers and further enhancing the network. The timing of the funding round is particularly noteworthy as it precedes the scheduled release of io.net's native IO token in April 2024.

io.net Revolutionizes AI and ML Infrastructure: Democratizing GPU Computing, Reducing Cloud Costs by 90%

Io.net, launched in November 2023, serves as a decentralized infrastructure network aggregating GPU computing power for AI and ML companies. With over 25,000 GPUs and 40,000+ compute hours processed to date, it aims to democratize GPU computing and reduce cloud AI costs by up to 90%.

io.net Harnesses Solana Blockchain for Transparent Proof-of-Compute: Empowering Users with IO Token for Unified Transactions and Network Participation

Built on the Solana blockchain, io.net ensures transparent proof-of-compute, providing visibility into every job and transaction on-chain. Through its IO token, the platform offers a unified transaction experience and incentive mechanisms, fostering network growth and participation.

Industry Experts Laud io.net's Innovation: Heralded as 'Scarcest Commodity' by Multicoin Capital, Applauded for Cost-Saving by Hack VC

The project's innovative approach has garnered praise from industry experts, with Multicoin Capital's Shayon Sengupta describing it as "the scarcest commodity in the world." Ed Roman, managing partner at Hack VC, lauded io.net's achievement in cost-saving amid global GPU chip shortages.

In conclusion, IO Research's successful funding round signifies a significant milestone for io.net, propelling it towards further growth and innovation in the decentralized computing space.