Meet the Big Backers Behind io.net
You may have heard that Solana-based DePIN io.net has reportedly reached a fully diluted token valuation of $1 billion in a recent funding round, so it’s no surprise that the project is on everybody’s lips right now. But where is the funding coming from? In this article, I will provide a deep dive into some of the industry kingpins that are backing io.net.
Hack VC
Leading the Series A funding round, Hack VC is a web3 venture capital firm with some jaw-dropping credentials. Its core team members include a past managing partner of a multi-billion dollar investment firm and senior advisor to leading crypto exchange Huobi, early-stage tech investors, blockchain startup founders and seed VC experts, to name but a few.
Hack VC’s conferences, hackathons and other events have greeted over 130,000 attendees from 150+ countries, and their investment portfolio boasts some of the biggest names in blockchain including Helium, Parcl, Eigenlayer and many, many more.
Find out more about Hack VC here.
Solana Ventures
I am a Solana geek so there may be some bias here, however in my humble opinion, when Solana themselves are backing a project it’s simply impossible to ignore. To say that the people at Solana have developed one of the most revolutionary blockchains is an understatement, given that their TPS rates are considerably higher than Ethereum’s and their gas fees are almost negligible. Their chain is built for builders and anybody who knows their stuff appreciates the technological achievements Solana has made in a relatively short space of time. With this in mind, they know a good project when they see one.
Compared to traditional AI compute providers, io.net is better, faster and cheaper. The same is true for Solana in comparison to its competitors. For this reason, the partnership between Solana Ventures and io.net is a match made in heaven as far as I’m concerned.
OKX Ventures
The investment arm of leading global cryptocurrency exchange OKX is another key organisation involved in io.net’s Series A funding round. Their initial capital weighs in at a staggering $100 million which is carefully distributed to ‘high-quality projects with great potential’.
Their impressive portfolio includes zkSync, Arbitrum, Clover and many names I’m sure you’ve heard of. Add io.net to that list and we’re good to go!
Multicoin Capital
Multicoin Capital is a collective of thesis-driven investors who know their stuff when it comes to the crypto space, with a portfolio comprised of hige names such as Hivemapper, Jito Labs, Aptos, Galxe and more.
Managing partner Kyle Samani founded Pristine, the health IT company that raised more than $5 million in VC and was eventually acquired by Upskill. Alongside him is Tushar Jain, another health IT entrepreneur who founded ePatientFinder which raised over $10 million in VC. The relevance here is that these guys have both created astronomically successful IT companies in the past so they are bound to have a great eye for promising projects such as io.net. In my opinion, their insight should not be overlooked.
Delphi Digital
Cutting out the jargon and getting to the facts is at the forefront of Delphi Digital’s mission to educate individuals within the digital asset industry. They apply their expert knowledge to craft reports and analysis available to view via their seamless application.
Their investment arm is among the Series A backers of io.net.
6th Man Ventures
Putting builders first, 6MV is a group founded and operated by web3 enthusiasts who work extensively to bring the best projects to life. They’ve been involved in building a whole host of dominant forces within the industry including Magic Eden, Helius, Jito and many more.
With combined skills across various sectors including AI, infrastructure, DeFi and web3 media to name a few, this team’s involvement in io.net is inarguably massive for the project.
Aptos Labs
Built by a team of accomplished technical experts, Aptos Labs is dedicated to developing products and applications that ‘redefine the web3 user experience’.
The Sandbox and Sebastian Borget
At this point, I’d be surprised if anybody in the world of crypto hasn’t heard about The Sandbox, an online gaming platform that ‘offers a unique and immersive gaming experience’ and has collaborated with the likes of Snoop Dogg, Warner Music Group, Atari and many more.
This gaming industry powerhouse backing io.net is huge, considering that the AI and gaming sectors are two unstoppable forces synergistically spearheading technological advancement. With a gaming industry leader like The Sandbox on board, it is clear that io.net’s AI compute network power is appealing to the bigwigs.
It is also worth noting here that The Sandbox co-founder and active COO, Sebastian Borget, is personally invested in io.net. After all, creators of great things can surely appreciate other creators of great things.
Conclusion
As you can see, the big backers behind io.net have some mega credentials, further demonstrating the true value of io.net and its potential to create the world’s largest AI compute DePIN.
My name is Jack, also known as Crisps2222 within the web3 space. If you like this article, there’s plenty more where that came from. I write a new article about io.net here on Medium at 14:00 UTC every single day! Be sure to follow me for more insight into what is, in my opinion, probably one of the biggest projects we will see in our lifetimes.
Find me on Discord: Crisps2222_44556
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