Blockless, a pioneering decentralized physical infrastructure network (DePIN) project dedicated to enhancing computing power support, has successfully raised $8 million in its pre-seed and seed funding rounds. This significant financial boost marks a crucial milestone in Blockless's journey to revolutionize how computing resources are provided.

Leading the pre-seed round, which amassed $3 million, was NGC Ventures. The subsequent $5 million seed round saw co-leadership from M31 Capital and Frachtis, a newly established fund spearheaded by Xavier Meegan, the Chief Investment Officer at Chorus One. Other notable investors participating in these funding rounds included No Limit Holdings, MH Ventures, Interop Ventures, and Plassa Capital.

Despite closing the pre-seed round back in March 2022, Blockless only recently disclosed this achievement along with the details of the seed round. According to co-founder Butian Li, who has a background as an investor at NGC Ventures, the seed round commenced in February and concluded in April. Both rounds utilized a Simple Agreement for Future Equity (SAFE) structure, complemented by token warrants in a 1:1 ratio. Li opted not to reveal the valuation specifics but mentioned that the terms of both rounds were "similar."

Blockless aims to innovate the landscape of computing resource provision through its unique DePIN model. "Users don't have to run a special node or download any software," explained Li. "Blockless has developed a WebAssembly (WASM) application framework with an embedded 'nestled node'. This means that when users open an application, they are automatically contributing compute resources to it via the Blockless network."

Drawing inspiration from matchmaking services like Uber, Blockless seeks to efficiently connect applications with users to fulfill computational power needs. Users are incentivized and rewarded by both the applications and Blockless for their contributions.

Founded in 2022 by a team of industry veterans including Li, Derek Anderson (formerly of Akash Network), Michael Chen (formerly of Binance), and Liam Zhang (formerly a researcher at New York University), Blockless is poised to launch its testnet in the upcoming weeks. The mainnet and native token, named BLESS, are slated for a third-quarter release this year. The project leverages the Cosmos SDK to build its native network and token.

Based in Palo Alto, Blockless's core team comprises ten members, with plans to expand its engineering, product, and ecosystem teams.

The competitive landscape for Blockless includes players like io.net and Fluence Network. Notably, io.net's developer raised $30 million in a Series A funding round in March, achieving a token valuation of $1 billion, underscoring the significant market potential in this sector.

With its innovative approach and recent funding success, Blockless is well-positioned to make a substantial impact on the decentralized computing landscape.