Quick take:
The company plans to use the funds to accelerate the development of its Solana-based DePIN for decentralised internet services.
Andrena is building a DAWN (decentralised autonomous wireless network) that allows users to sell excess internet to a network of providers.
DAWN leverages a “proof of backhaul” mechanism, a verification technology that Andrena developed in partnership with Princeton University professor, Pramod Viswanath to facilitate node connection to the broader internet.
Andrena, a Solana-based DePIN project has raised $18 million in an extended Series A round led by Dragonfly and with participation from CMT Digital, Castle Island Ventures, Wintermute Ventures, 6th Man Ventures and ParaFi.
The fundraising brings the total raised to $38 million, following a $15 million Series A round announced last year, in which Dragonfly was also the lead investor, The Block reported.
According to Andrena co-founder Neil Chatterjee, the latest funding was structured as a simple agreement for future equity (SAFE) with token warrants. Chatterjee said the round was “significantly oversubscribed” having initially planned for a $5 million extension as it prepares Andrena well for its token generation event (TGE).
Andrena is building a DAWN (decentralised autonomous wireless network) that allows users to sell excess internet to a network of providers. The project is currently in testnet, with no defined timeframe for a mainnet launch.
The protocol uses a “proof of backhaul” mechanism, an on-chain verification technology that Andrena developed in partnership with Princeton University professor, Pramod Viswanath to facilitate node connection to the broader internet.
“DAWN has been in the works since the fall of last year,” Chatterjee said. “DAWN aims to do to the internet what solar panels did to electricity. The same way consumers own and generate their own utility and sell their excess back to the grid, there is now an opportunity to do the same with wireless home and business Internet.”
Andrena’s internet services are already available across 10 U.S. states including New York, New Jersey, Texas, Tennessee, Florida and Pennsylvania. And like solar panels, its wireless equipment is installed on rooftops of customers’ houses. It now plans to migrate its customers and revenue on-chain once the token is launched.
Users will be able to purchase the native token of DAWN using a mobile app. They can then use the token to buy internet bandwidth from the network.
According to Chatterjee, users will be able to earn rewards for staying connected, referring others and participating as validators.
Stay on top of things:
Subscribe to our newsletter using this link – we won’t spam!
Follow us on X and Telegram.
The post Andrena Secures $18M to Build Decentralised Autonomous Wireless Network on Solana appeared first on NFTgators .
