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Today: May 27, 2024
January 16, 2024
1 min read

Unleashing Automotive Data: CoinFund Leads $115M in Series A

TLDR:

  • Decentralized car data network developer Digital Infrastructure Inc. has raised $11.5 million in a Series A funding round led by CoinFund.
  • The funding will be used to further develop the company’s decentralized car data protocol, DIMO, and its companion app DIMO Mobile.
  • CoinFund’s Chief Investment Officer, Alex Felix, will join Digital Infrastructure Inc.’s board of directors.

Digital Infrastructure Inc., a startup specializing in decentralized physical infrastructure networks, has raised $11.5 million in a Series A funding round led by CoinFund. The funding will be used to further develop the company’s decentralized car data protocol called DIMO, as well as its companion app DIMO Mobile. CoinFund’s Chief Investment Officer, Alex Felix, will also join Digital Infrastructure Inc.’s board of directors.

The DIMO network is a decentralized car data protocol that allows drivers to collect and view their own car data and earn token rewards. The company has seen significant growth on the DIMO network, with over 36,000 cars connected to the network representing over $1 billion USD in assets. The series A funding round brings the company’s total funding to $22 million.

The funding round highlights the growing importance of decentralized car data networks and the potential value they can bring to both consumers and developers. As more cars become connected and equipped with sensors, the ability to securely collect and analyze car data becomes increasingly important. Decentralized car data networks like DIMO offer a solution by providing a decentralized and secure platform for car data exchange.

This funding round also demonstrates the continued interest and investment in the cryptocurrency and blockchain space. CoinFund, a prominent crypto investment firm, leading the funding round shows their confidence in the potential of Digital Infrastructure Inc. and the value of decentralized car data networks.

Overall, this funding round represents a significant milestone for Digital Infrastructure Inc. and the development of its decentralized car data protocol. With the additional funding and support from CoinFund and other investors, the company is well-positioned to continue expanding its network and providing valuable services to both drivers and developers in the car data space.

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