DePIN: Digital Infrastructure raises $11M for its DIMO network

Digital Infrastructurea start-up specializing in decentralized physical infrastructure networks (DePIN) which proposes a protocol called DIMO and focused onautomobilehas just completed a 11.5 million round of financing.

This week, Digital Infrastructure has announced that it has raised $11.5 million in a Series A round led by US crypto VC Coinfund. The funding round also includes the participation of Slow Ventures, ConsenSys Mesh and Borderless Capital.

We’re excited to announce that Digital Infrastructure Inc. has raised a Series A led by @coinfund_io.

This will enable us to accelerate the development of DIMO apps and hardware and help mature @DIMO_Network into a foundational DePIN protocol.

– DriveDIMO (@DriveDIMO) January 16, 2024

Digital Infrastructure specializes in decentralized physical infrastructure networks, often abbreviated to DePINand offers a network dedicated to vehicle owners.

Named DIMOthe protocol enables drivers to share data about their car and earn rewards in the form of tokens. The decentralized platform has in fact launched its own digital coin.

Also known as DIMO, the token now has a market cap of around $100 million. The token is currently trading at around $0.55, up more than 10% over the past 24 hours.

DIMO envisions a future in which the automotive industry undergoes a profound digital transformation, reminiscent of the disruption caused by Amazon Prime. Its aim is to establish a dynamic on-demand marketplace, adapted to anticipate and meet automotive service needs, even at a local level, while guaranteeing competitive prices and smooth transactions,” commented Coinfund partner Alex Felix in a blog post.

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