HomeFundingBerlin-based blockchain startup peaq lands €2.5 million to transform IoT into EoT...

Berlin-based blockchain startup peaq lands €2.5 million to transform IoT into EoT – the Economy of Things 

Berlin-based blockchain startup peaq has successfully raised €2.5 million in a round led by Scherzer & Co. AG, Werner Geissler (former Vice-Chairman of Procter & Gamble), as well as Meteoric VC.

Founded in 2017, 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 its founding, the team has developed solutions and infrastructure that enable companies to adopt new, decentralized market solutions that are optimally prepared for the ‘Economy of Things’.

In the ‘Economy of Things’, devices, machines, and vehicles can monetize and trade all kinds of value autonomously, securely, and without intermediaries – what peaq foresees as the natural next step of the Internet of Things (IoT). 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, peaq is also making their DAGchain technology available to the Web 3 ecosystem – the decentralized, next generation of the internet.

In particular, peaq’s e-mobility platform solves the fragmentation and range anxiety issues for electric vehicles using Self-Sovereign Identities (SSI) on a decentralized platform.

Tim Wendler, CEO of peaq, explained more: “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.”

The funds will be used to scale up peaq’s solutions, as well as 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 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” said investor Georg Issels, member of the management board of Scherzer & Co. AG.

Till Wendler, CEO of peaq, also commented on the funding round: “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.”

The Berlin-based company’s activities are also being registered in the political arena; peaq has been selected to participate in the European GAIA-X moveID project to build a secure, high-performance and trustworthy data infrastructure for future mobility. peaq also became the first blockchain software development company to become a member of the Verband der Automobilindustrie (VDA) earlier this year.

Charlotte Tucker
Charlotte Tucker
Charlotte is the previous Editor at EU-Startups.com. She spends her time scouting the next big story, managing our contributor team, and getting excited about social impact ventures. She has previously worked as a Communications Consultant for number of European Commission funded startup projects.

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