IoTeX, the Decentralized Physical Infrastructure Network (DePIN) platform, has received a $50 million investment from a group of venture capital firms to speed up the advancement and adoption of its ecosystem.

Sources reveal that SNZ Capital, Foresight Ventures, FutureMoneyGroup, Borderless Capital, and others led the investment round, with the funds designated for long-term staked IOTX, IoTeX's native token, and supporting DePIN projects developed on the platform.

IoTeX's goal is to connect smart devices and real-world data to blockchains, allowing developers to incorporate Web3 technology into daily life. With its EVM-compatible L1 blockchain, off-chain compute middleware, and open hardware, IoTeX facilitates the interaction between billions of smart devices, machines, sensors, and dApps in the physical and digital realms.

Throughout 2024, the IoTeX ecosystem has been actively working on expanding and developing DePIN. Early in the year, FutureMoney Group, in collaboration with the IoTeX Foundation, launched a $5 million DePIN accelerator program. IoTeX also formed strategic partnerships with organizations like Ankr to enhance the capabilities and decentralization of decentralized networks within the DePIN ecosystem.

Jing Sun, Co-Founder and Head of Investment at IoTeX, highlighted the innovation possibilities for startups to bring verifiable real-world data onto the blockchain within the burgeoning DePIN ecosystem. Sun noted that the investment from top VCs would stimulate growth and inspire more projects within the IoTeX ecosystem and DePIN.

Keith Chen, Founding Partner of SNZ Capital, expressed enthusiasm for supporting IoTeX and DePIN projects, emphasizing the advancement potential offered by IoTeX's technology stack and DePIN expertise. Borderless Capital, a prominent DePIN investor, also participated in the funding round, aiming to support developers across various sectors within the lively and expanding community.

IoTeX's emphasis on modular infrastructure, privacy, and traffic-routing solutions positions it as a significant player in the evolving DePIN landscape. The platform's dedication to offering simplified infrastructure solutions for application builders has attracted developers, driving innovation within the DePIN sector.

Valued at nearly $10 billion, the DePIN sector is led by major protocols like VeChain, Fetch.ai, Jasmy, IOTA, and Helium. Over the past 24 hours, the sector has seen a 2.8% increase with $1 billion in volume, indicating a growing market presence and potential.