Web3 IoT Economic Network peaq Closes $6.5 Million Funding Round Led by Fundamental Labs

peaq, a Substrate-based Web3 IoT economic network, has closed $6.5 million in funding led by Fundamental Labs with participation from HashKey Capital, GSR Markets, Delta VC and others. The funds raised will be used to support the continued expansion of the peaq network, enabling individuals or organizations to build, manage, and earn revenue from decentralized applications for vehicles, robots, and devices. peaq is a Substrate-based, Layer1 blockchain that is natively compatible with Polkadot and will incorporate identity, access and payment functionality as core features for developers designing DApps for the Economy of Things (EOT) network.