Dragonfly was the primary investor in the extended Series A round, which was also attended by CMT Digital, Castle Island Ventures, Wintermute Ventures, 6th Man Ventures, and ParaFi.
Dragonfly, CMT Digital, Castle Island Ventures, Wintermute Ventures, 6th Man Ventures, and ParaFi have all contributed to the extended Series A round of $18 million that Andrena, a Solana-based DePIN project, has completed.
The Block reported that the fundraising raises the total to $38 million, which follows a $15 million Series A round announced last year, in which Dragonfly was also the primary investor.
Neil Chatterjee, co-founder of Andrena, stated that the most recent financing was structured as a simple agreement for future equity (SAFE) with token warrants. Chatterjee stated that the round was “substantially oversubscribed,” despite initially intending to extend it by $5 million to ensure that Andrena is adequately prepared for its token generation event (TGE).
Andrena is developing a DAWN (decentralised autonomous wireless network) that enables consumers to sell excess internet to a network of providers. The initiative is presently in the testnet, and there is no established timeline for the launch of the mainnet.
In order to facilitate the connection of nodes to the broader internet, the protocol employs a “proof of backhaul” mechanism, an on-chain verification technology that Andrena developed in collaboration with Princeton University professor Pramod Viswanath.
“DAWN’s objective is to transform the internet in the same way that solar panels transformed electricity.” It is now possible for people to own their own wireless home and business Internet, just like people own and create their own electricity and sell the extra back to the grid.
Andrena’s internet services are currently accessible in ten states in the United States, including New York, New Jersey, Texas, Tennessee, Florida, and Pennsylvania. Additionally, its wireless device is installed on the rooftops of clients’ residences, similar to solar panels. Upon the token’s introduction, it intends to migrate its customers and revenue to the blockchain.
The native token of DAWN will be available for purchase through a mobile application. Subsequently, they may utilize the token to acquire internet bandwidth from the network.
Users will be able to accumulate rewards for remaining connected, referring others, and serving as validators, as per Chatterjee.
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