Peaq Technology GmbH, a major holding of Advanced Blockchain AG (Frankfurt, primary market Düsseldorf, XETRA: ISIN DE000A0M93V6) has completed a financing round of EUR 2.5 million. The Berlin technology company receives the growth capital from the holding company Scherzer & Co. AG and Werner Geissler, former Vice-Chairman of Procter & Gamble, who are leading the financing round as lead investors, and from Meteoric VC. Advanced Blockchain AG provided support.
 

The capital will be used to expand and diversify peaq's blockchain solution offering for enterprise - to solve problems just as their e-mobility platform solves the fragmentation and range anxiety issues for electric vehicles using Self-Sovereign Identities (SSI) on a decentralized platform. The funds will also be used to build a sales and partnerships team to roll out new and existing solutions at scale.

The funding is part of a larger company financing endeavor taking place under the peaq brand which comprises of peaq enterprise and peaq network. peaq enterprise will use the funds to continue to focus on blockchain for enterprise, while the newly announced peaq network will be responsible for the public network and token.

"We are proud to lead this financing round and to accompany the development of this highly competent team with its future-oriented technology" says investor Georg Issels, member of the management board of Scherzer & Co. AG.

Till Wendler, CEO of peaq, said after the closing of the funding round: ''This investment  will allow us to take peaq's enterprise solutions to more customers, thus using our technology to create value within the Internet of Things at scale and advance the Economy of Things. We will continue to follow our mission of making our technology accessible to society and build an even stronger bridge between the real world and the blockchain ecosystem.''

peaq stands for a future in which decentralized technology puts control back into the hands of the masses, supporting the democratization and sovereignty of data and identity. Since its founding, the team has developed solutions and infrastructure that enable companies to adopt new, decentralized market solutions that are optimally prepared for the Economy of Things - a world in which devices, machines and vehicles can monetize and trade all kinds of value autonomously, securely and without intermediaries.
 

peaq's public network 

The newly announced public network will be a means for the value created by and for peaq's enterprise partners and customers to be exchanged across the entire Internet of Things, aiding in the creation of the 'Economy of Things'. In the Economy of Things, devices, machines, and vehicles can monetize and trade all kinds of value autonomously, securely, and without intermediaries - what peaq foresees as the natural next step of the Internet of Things (IoT). It will be a means of transaction that is not only secure and fast enough for the IoT and Economy of Things (EoT), but predictable in terms of transaction fees. The goal is to allow peaq's enterprise solutions to work even more efficiently, transparently and securely, while enabling unrestricted interoperability and value exchange across the entire  EoT. With this move, peaq is also making their DAGchain technology available to the Web 3 ecosystem - the decentralized, next generation of the internet. 

Wendler: "Regarding the public network and token - we are certain that choosing to wait before launching our public network was not only the right decision from a business strategy perspective, but is also representative of the ethical values by which we have built the company and are leading it into the future. We're excited to share more information in the coming weeks, especially once the ongoing peaq network funding round is finalised. We've been in this space for many years but chose a different strategy to most projects, opting to create real-world value for business before launching a means of exchanging that value. With Fortune 100 companies like NTT and a big German automotive group trusting in our technology, we believe now is the time.''

The Berlin-based company's activities are also being registered in the political arena: peaq has been selected to participate in the European GAIA-X moveID project to build a secure, high-performance and trustworthy data infrastructure for future mobility. peaq also became the first blockchain software development company to become a member of the Verband der Automobilindustrie (VDA) earlier this year.
 

About peaq

peaq is a Berlin based blockchain infrastructure and solution development company transforming the Internet of Things into the Economy of Things. The company develops and provides high-performance DAGchain technology and tools for companies to build, launch and scale decentralized solutions and platforms. peaq leverages its technology to help its customers drastically reduce costs, create new revenue streams and automate processes, while making systems faster and more secure. peaq enterprise is aimed at enterprise customers and is the business arm that drives development for the public peaq network. 

Advanced Blockchain will provide more details and updates about the peaq network launch in the future, and looks forward to seeing peaq continue to grow and evolve

Further information about Advanced Blockchain AG and peaq can be found at their respective websites, https://www.advancedblockchain.com and https://www.peaq.io.

peaq press contact
Max Thake
[email protected]