June 9, 2021

peaq secures €2.5 million and announces plans for token

peaq has successfully raised 2.5 million euro from Scherzer & Co. AG, Werner Geissler, former Vice-Chairman of Procter & Gamble and Meteoric VC, with Scherzer & Co. and Werner Geissler leading the round.

The capital will be used to expand and diversify our blockchain solution offering for enterprise - to solve problems just as the EV charging platform solves fragmentation and range anxiety issues for electric vehicles using Self-Sovereign Identities (SSI) on a decentralized platform. The funds will also be used to build a sales and partnerships team to roll out new and existing solutions at scale.

The funding is part of a larger company financing endeavor taking place under the peaq brand which comprises of peaq enterprise and peaq network. peaq enterprise will use the funds to continue to focus on blockchain for enterprise, while the newly announced peaq network will be responsible for the public network and token.

"We are proud to lead this financing round and to accompany the development of this highly competent team with its future-oriented technology."

- Georg Issels, Member of the Management Board at Scherzer & Co. AG

peaq stands for a future in which decentralized technology puts control back into the hands of the masses, supporting the democratization and sovereignty of data and identity. Since our founding we have developed solutions and infrastructure that enables companies to adopt new, decentralized market solutions that are optimally prepared for the Economy of Things - a world in which devices, machines and vehicles can monetize and trade all kinds of value autonomously, securely and without intermediaries.

‘’This investment  will allow us to take peaq’s enterprise solutions to more customers, thus using our technology to create value within the Internet of Things at scale and advance the Economy of Things. We will continue to follow our mission of making our technology accessible to society and build an even stronger bridge between the real world and the blockchain ecosystem.’’

- Till Wendler, co-founder, peaq

peaq’s public network 

The peaq public network will be a means for the value created by and for peaq’s enterprise partners and customers to be exchanged across the entire Internet of Things, aiding in the creation of the Economy of Things (EoT). It will be a means of transaction that is not only secure and fast enough for the IoT and EoT, but predictable in terms of transaction fees. The goal is to allow peaq’s enterprise solutions to work even more efficiently, transparently and securely, while enabling unrestricted interoperability and value exchange across the entire EoT. With this move, we are also making our DAGchain technology available to the Web 3 ecosystem - the decentralized, next generation of the internet. 

“Regarding the public network and token - we are certain that choosing to wait before launching our public network was not only the right decision from a business strategy perspective, but is also representative of the ethical values by which we have built the company and are leading it into the future. 

We’re excited to share more information in the coming weeks, especially once the ongoing peaq network funding round is finalised. We’ve been in this space for many years but chose a different strategy to most projects, opting to create real-world value for business before launching a means of exchanging that value. With Fortune 100 companies like NTT and a big German automotive group trusting in our technology, we believe now is the time.’’

- Till Wendler

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