According to PANews, Verida, the developer of the DePIN network, has successfully raised $5 million in a seed funding round. This latest investment has brought the company's post-investment valuation to $50 million. The funding round saw participation from several investors including O-DE Capital Partners, ChaiTech Ventures, Simurg Labs, Gate Labs, HASH CIB, Bison Capital, Amesten Capital, and Evan Cheng of Mysten Labs.
The newly acquired funds will be utilized to develop Verida's personal data storage infrastructure. This infrastructure aims to provide users with decentralized storage and encryption services for their personal information. The development of such an infrastructure is crucial in the current digital age where data privacy and security are of utmost importance. By providing decentralized storage and encryption services, Verida aims to give users more control over their personal data, enhancing their privacy and security in the digital world.