Berlin-based deep tech start-up peaq has successfully completed a strategic financing round (Angel Round) with high-profile German investors. The start-up will invest the received funds of around 750,000 Euro in the launch of full-scale blockchain platforms. First collaborations with well-known companies from the automotive industry and beyond underline the market demand for uniform and stable blockchain solutions that can be integrated into different software ecosystems. In 2020, the company has already achieved a revenue of 600,000 Euros.
With this round peaq has highlighted its ambition to become the leading company for Distributed Ledger Technology infrastructure solutions for the Internet of Things (IoT). The Angel Investors of the strategic financing round were Werner Geissler, former Vice-Chairman of Procter & Gamble, Michael Ganser, former CEO for Germany of CISCO, Xavier Sarras, Partner at 4P Capital, Friedrich Neuman, Senior Advisor at Deloitte, and Steffen Seifarth, former CEO of Mäurer & Wirtz.
“I am deeply impressed by the quality of the peaq team. Their blockchain platform infrastructure works at the most critical intersection between technology and business. They are in pole position to solve complex business problems for companies in the European market and beyond. I am looking forward to being part of this exciting journey and to support this great team,” said Michael Ganser.
The 16-member peaq team researched and developed their own blockchain infrastructure from their Berlin office over a three-year development period. Based on extensive discussions with more than twenty established companies from various industries, peaq determined what requirements and expectations companies have for a blockchain and what the weaknesses of other blockchain technologies are. Based on this knowledge, peaq developed the novel DAGchain. peaq’s DAGchain technology solves existing blockchain problems by combining blockchain and DAG technology. It enables high performance, with high security and decentralized operation without the need for high energy consumption. Furthermore, it meets all industry standards and requirements, such as the possibility to use conventional programming languages and compliance with data protection laws.
“An advantage of our Software-as-a-Service DAGchain is that we have redesigned blockchain and the way data is structured and communicated from the beginning, and thus can solve certain core challenges problems. After the last intensive years of research and development, we are now happy to communicate our progress. We are incredibly proud of everything we have achieved so far and the added value we have created for our customers, “ said Till Wendler, CEO of peaq.
”We had to bootstrap peaq for a long, long time – and on that note I’d like to thank the team for their unwavering commitment, support and hard work. We’re a team of highly talented engineers and entrepreneurs who have stuck together and now have a truly revolutionary technology to show for it – technology that is changing the way companies collaborate and compete, massively reducing costs and middlemen and making the world more secure – more trust-able,” he added.
Xavier Sarras, Partner at 4P Capital, said: “peaq has the best prerequisites to demonstrate a unique success story as a German deep tech start-up“.
A larger financing round with institutional investors is planned for the first quarter of 2021. The round will be open to a broader range of investors as the company prepares to open its platform to additional industry sectors. Thereby, the successes in the automotive sector are to be transferred and multiplied to the telecommunications and compliance industry.
peaq provides the blockchain platform infrastructure for the Internet-of-Things. The German deep-tech company develops neutral innovation and transaction infrastructure for decentralized IoT applications. peaq developed their blockchain hybrid technology in-house and sells their platforms to groups of megafirms according to a Software-as-a-Service model, helping their clients drastically reduce costs, create new revenue streams and automate processes while making their systems faster and more secure.
Further Information: https://www.peaq.io
LOGO (c) peaq