Digital Infrastructure, a startup specializing in decentralized physical network infrastructures, has raised $11.5 million in a Series A funding round. The round saw participation from major investors including CoinFund, Slow Ventures, ConsenSys Mesh, Borderless Capital, Bill Ackman’s Table Management, and former General Motors CEO G. Rick Wagoner Jr.
The successful funding round brings Digital Infrastructure’s total funds to $22 million. CoinFund’s managing partner and chief investment officer, Alex Felix, is set to join Digital Infrastructure’s board of directors.
The company is developing DIMO, a decentralized vehicle data protocol, and DIMO Mobile, an app that allows drivers to collect, view, and earn rewards through DIMO tokens for their vehicle data. CEO Andrew Chatham highlighted the funding as a crucial step in solidifying DIMO’s position as a core DePIN network, with over 36,000 connected vehicles and assets worth over $1 billion.
The team announced a 900% growth in the DIMO network by 2023, expanding the vehicle count on the network to 3,000 within the year. DIMO currently has a circulating supply of over 198 million tokens and a fully diluted market value of $481.1 million, with a recent 1.10% increase in price to $0.48779.
In late 2022, the team behind the DIMO protocol launched the network’s mainnet and initiated a token airdrop event, rewarding individuals for registering their vehicles on the network and contributing to the decentralization and governance of the network.