DePIN Project Blockless Closes $8M Funding Rounds

DePIN project Blockless has successfully raised $8 million in funding through pre-seed and seed rounds. The project, which aims to develop a decentralized physical infrastructure network (DePIN) to support computing power, secured a pre-seed round led by NGC Ventures, worth $3 million. In addition, the seed round was co-led by M31 Capital and Frachtis, a new fund established by Xavier Meegan, the chief investment officer of staking firm Chorus One, and amounted to $5 million. Notable investors in these rounds include No Limit Holdings, MH Ventures, Interop Ventures, and Plassa Capital. While the pre-seed round concluded in March 2022, the project is currently revealing this information alongside the details of the seed round.

Butian Li, co-founder and former investor at NGC Ventures, disclosed that the seed round commenced in February and concluded in April. Both rounds were structured as a simple agreement for future equity (SAFE), featuring token warrants in a 1:1 ratio. As for the valuation, Li did not provide specific details but stated that the terms for both rounds were similar in nature.