Quick take:
DePIN plans to use the funds to accelerate the development of its decentralised physical infrastructure network for energy distribution.
Founded in 2022 by Jason Badeaux, Udit Patel and Evan Caron, Daylight’s decentralised marketplace is currently available in New York, New Jersey and Pennsylvania.
The protocol lets users connect their energy devices including thermostats, batteries and electric vehicles to its app and earn rewards.
Daylight, a Decentralised Physical Infrastructure Network (DePIN) focused on energy distribution has announced a $9 million Series A round led by A16z Crypto. The fundraising also attracted participation from Framework Ventures, Lattice Fund, Escape Velocity and Lerer Hippeau.
The company is building a decentralised protocol that lets users connect their energy devices including thermostats, batteries and electric vehicles to its app and earn rewards.
Users can also join the platform’s energy marketplace, which allows them to upgrade the energy sources of their homes and buildings including solar panels, electric vehicle chargers and heat pumps, among others. The marketplace is currently available in New York, New Jersey and Pennsylvania, but there are plans to add support for Texas and California soon.
Decentralised resource distribution platforms work by pooling together resources from different providers and making them available to those connected to the protocol.
Daylight co-founder and CEO Jason Badeaux told The Block his company’s platform “pools together capacity from the flexibility of connected devices and makes that available to energy companies.”
“Additionally, the protocol’s proprietary energy data can be used to build novel applications; for example, voltage monitoring to reduce electrical fire risk for property insurance,” he said.
Users receive rewards in point form, which can be redeemed using the app.
Commenting on their company’s leading role in the fundraising, a16z partners Guy Wuollet and Ali Yahya wrote in a blog post: “Energy is a collection of highly regulated monopolies in the U.S. today, and one we believe is ripe for disruption. Daylight is building a decentralized protocol that will allow developers to program the energy grid through distributed energy resources.”
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The post DePIN Project Daylight Secures $9M Series A Round Led by A16z Crypto appeared first on NFTgators .