According to Cointelegraph, the decentralized physical infrastructure network (DePIN) project U2U Network announced the completion of its seed round of financing, led by IDG Blockchain, with participation from dappOS, Pontem, Lumoz, ZkEX, Avalon, Catalyst and Grindery. The company did not disclose the specific amount of this round of financing, but it is said to have reached "seven figures."
U2U Network is building a Layer 1 blockchain network based on subnet technology. Each U2U subnet runs independently of the mainnet, which means that (1) even if the U2U mainnet goes down, the subnet can continue to run without interruption. It is reported that U2U Network has also announced a $1 million donation to promote the development of the DePIN industry.
