According to TechFlow, on November 29, according to an official press release, modular Layer-1 public chain U2U Network announced the completion of a total of US$13.8 million in financing. Investors in this round include well-known institutions such as KuCoin Ventures, Chain Capital, IDG Blockchain, Cointelegraph, and JDI Ventures. Among them, JDI Ventures also made an equity investment to support U2U Network's research and development in hardware technology.
Chloe Phung, co-founder and co-CEO of U2U Network, said that the team is focusing on promoting large-scale blockchain applications through the DePIN solution. The project currently has a team of 100 people, with core members from the top 100 early contributors of Ethereum, Google, Infina and other institutions. The financing will be used to promote the development of U2U Network's subnet technology, which emphasizes unlimited scalability and DoD (decentralization on demand). The project is scheduled to go online in the near future.