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MachineFi Lab has raised $10 million in a seed funding round led by Samsung Next, Draper Dragon Fund, Samsung Next, and Jump Capital. MachineFi is a new model powered by Web3 in which intelligence and machine resources can be financialized to offer value and ownership to individuals instead of centralized corporations.
Dr. Raullen Chai, CEO and founder of MachineFi Lab, revealed that the funding will be utilized for the development of the platform, the incubation of early-projects building on the platform and onboarding new team members.
IoTeX Team launched MachineFi last year. IoTeX is a blockchain that connects IoT devices such as cameras and sensors to dApps. There could be various use-cases to connect real-world devices to blockchain data. However, it can prove to be specifically valuable for bringing the metaverse into the real world and vice-versa.
As per the website, IoTeX already powers real-world devices, including Pebble devices for supply chain management and blockchain-powered cameras. The blockchain boasts more than 10,000 connected devices.
NewBuild VC, Vista Lab, Ribbit Angel Fund, Xoogler Ventures, Hanwha, Alpha Grep, Wemade, Escape Velocity, and Goodwater Capital were among other investors in the round.
MachineFi provides a full infrastructure suite, including a multichain crypto wallet, an onboarding platform, blockchain bridge, an Ethereum Virtual Machine (EVM) blockchain, and software development kits (SDKs). The suite also assists devs in building apps and machine networks.
Chai, in the press release, stated that MachineFi is preparing for the large-scale decentralized machine networks through building on the IoTeX infrastructure. It also incentivises the implementation of machines and the financialization of utility and data of smart devices and machines. In addition, it would also allow their self-evolving governance.
MachineFi also intends to continue developing its core platform while setting its priority on new verticals like location/geolocation. Real-world equivalents of “play-to-earn,” including sleep-to-earn and drive-to-earn, Chai said in an interview.
Chai pointed out that the concept of data collection isn’t popular in Web3 circles, therefore users can switch data sharing on or off at any time.
He explained that they are implementing a switch for users called DID [Decentralized Identity]. Users will be able to switch by opening up access to their data for a certain dapp and get back some rewards or tokens.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
