Peaq has successfully carried out a strategic financing round that closed with EUR 750,000, earning support and promising reviews from top investors in the field.
Peaq Technology GmbH (peaq.io) is a Berlin-based deep-tech start-up offering an innovative blockchain hybrid product, The DAGchain®. Peaq offers the DAGchain® as a software-as-a-service (SaaS) to groups of large companies, providing them with drastically reduced costs as well as new sources of income.
Peaq has recently undergone a successful strategic financing round, garnering positive reviews from prominent investors in the field. These achievements underscore the ample market need for peaq’s products.
Recent financing successes:
Peaq successfully closed its pre-series A with a financing amount of EUR 750,000. This strategic financing round (Angel Round) was open to top-class German investors.
Funds from this round will be invested into the launch of the first blockchain platform for the automotive industry. Peaq’s initial partnerships with well-known companies from the automotive industry prove the market has a high demand for uniform and stable blockchain solutions that can be integrated into existing software ecosystems. In 2020, the company had already generated a turnover of EUR 600,000, further proving the market’s desire for its products.
This recent successful raise positions peaq to achieve its goal of becoming the leader of infrastructure solutions for blockchain platforms in the Internet of Things (IoT).
Business angels for this strategic financing round included Werner Geissler, former Vice-Chair of Procter & Gamble; Michael Ganser, former Germany CEO of CISCO; Xavier Sarras, partner at 4P Capital; Friedrich Neuman, Senior Advisor at Deloitte; and Steffen Seifarth.
Promising investor reviews:
“I am deeply impressed by the quality of the peaq team. Your blockchain platform infrastructure works at the most critical interface between technology and business. You are in pole position to solve complex business problems for companies in the European market and beyond. I am really looking forward to being part of this exciting journey and supporting this great team.”
-Michael Ganser, former Germany CEO of CISCO.
"Peaq has the best prerequisites to prove to be a rare success story for a German deep-tech start-up."
-Xavier Sarras, Partner at 4P Capital
Future financing plans:
Future financing plans include a major financing round with institutional investors in the first quarter of 2021. This round will be open to a wider range of investors, as peaq prepares to open its platform to more industries. Thus, the benefits of peaq’s platform will expand from its initial focus on the automotive sector to the telecommunications and compliance sectors.
More about peaq:
Peaq’s innovative blockchain product takes its inspiration from directed acyclic graphs (DAGs), a type of distributed ledger technology that offers improved speed, better scalability, and reduced costs when compared to traditional blockchains. To pay homage to this inspiration, peaq named their product the DAGchain®.
The DAGchain® serves as a blockchain infrastructure for the Internet of Things (IoT). Specifically, this product is being developed into a neutral innovation and transaction infrastructure for decentralized IoT applications, enabling the connection of different software ecosystems.
The DAGchain® provides strong performance, security, and decentralization without necessitating significant energy or cost. Furthermore, it meets all industry standards and requirements, including the use of conventional programming languages and compliance with data protection laws.
Peaq was formed as an incubated company of Advanced Blockchain AG, a publicly traded German company striving to promote innovation and growth within the blockchain industry.
More information about these companies can be found at their websites, peaq.io and advancedblockchain.com.