Exclusive: 2 VanEck funds back Solana-based DePIN DAWN

Exclusive: 2 VanEck funds back Solana-based DePIN DAWN

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Vaneck is putting $2.5 million into Dawn, a DePin project that aims to create a decentralized internet service provider. The investment comes from Vaneck’s Digital Assets Fund and Vaneck Ventures.

The strategic financing round represents the first time “multiple funds in… You are “A company has invested directly in the same company.” The latest raise comes after Andrina, the company behind Dawn, Raised $18 million On tour in August.*

Andrena CEO Neil Chatterjee told Blockworks that Dawn is designed to take advantage of “the transformation of our lives” as society moves from being offline to fully online post-5G and Starlink rollover.

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“And now that we’re a society that’s transitioning from a wired society to a more wireless society, we can actually use that wireless shift in a way that we can use it to benefit the end consumer, to benefit the end family in some way.” [so they] They have their own network. With this new transformation, we want homes to be the ones that benefit from it.”

Dawn’s hardware can be used to remake the Internet “regardless of your provider,” and it doesn’t need to be Dawn’s own Internet, the Andrena team explained to BlockWorks.

Chatterjee said his project aims to give “anyone around the world who hasn’t put a dent in bandwidth… a way to sell it without having to worry about customer acquisition.”

The $2.5 million figure will be used in part to expand retail sharing through devices, allowing users to create small internet sharing networks and allowing Dawn to expand internationally. Now, the user base is mostly in the United States.

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With that, Chatterjee’s team is looking for “partnerships with data centers, ISPs, real estate, enterprises, that can give you very large type very quickly, and then we’ll use our capital to help accelerate that deployment process.”

The team’s two biggest goals were crossed with their plans: Onchain revenue and households. Chatterjee declined to provide details on either metric, but noted that the team is moving to get both in the “millions.”

For Vaneck Ventures, which launched in October, Dawn offers a product that is not only “economically competitive,” but also challenges the “monopolistic nature” of legacy ISPs, general partner Wyatt Lonergan told BlockWorks.

The investment is in line with the philosophy of the new Venture Fund, which jumps into an early-stage venture with a check from $500,000 to $1 million, like Lonergan. He explained in the October Empire newsletter.

According to Lonergan, Dawn aims to disrupt the monopoly held by traditional ISPs while giving “the consumer a better product, [and putting] them in control, [so the] The token is kind of adding fuel to the fire. It creates amazing network effects that you wouldn’t otherwise get and turns those users into owners. And that’s kind of the whole network, in our opinion. So I love the idea of ​​using these networking networks to bootstrap companies that would otherwise be difficult to do. This is a kind of symbols promise.”

But what really attracted him, and was the Alpha Digital Asset Fund, was the team behind Dawn.

“WiFi is something that, to me, is really easy to understand,” he explained, which pushes this project further than other crypto projects. As for Vaneck, Lonergan said the goal is to back a “class-winning team,” which both funds believe Dawn is.

Disclosure: Jason Yanowitz, co-founder of BlockWorks and host of Empire, participated in Dawn’s August tour.


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