Samsung Next, Xoogler Reveal Motive Behind IoTeX Investment -Breaking
- Xoogler (KS: Samsung) and Next (KS: Samsung) explained why they joined this project.
- IoTeX hopes to attract hundreds of million of device owners and smart devices into the Web3 machine sharing economy.
- The funds will drive the MachineFi Lab’s global machine-share economy platform.
Machine Lab (the core developer of IoTeX) announced a funding round of $10 million several days ago. Samsung Next and Xoogler then explained the reasons they chose to be involved in this venture.
“Building on the IoTeX infrastructure, MachineFi Lab jump-starts the large-scale decentralized machine networks. It incentivizes the deployment of machines and the financialization of smart devices and machines’ utility and data. And it enables their self-evolving governance,” said MachineFi Lab CEO and Founder Dr. Rallen Chai.
IoTeX is a company that aims at bringing hundreds of million of devices users and smart machines into the Web3 machine sharing economy.
Following the seed round, MachineFi Lab’s valuation now sits at $100 million and places the IoTeX network as the decentralized machine onboarding and financialization layer for all the blockchains.
Chai added that each of the firms involved in this first seed round shares the MachineFi vision and is passionate about the real-world adoption and people’s financialization of their smart devices and their generated data.
“We are excited to announce our investment in MachineFi Lab, the core developer of IoTeX- a leading cryptocurrency blockchain that powers IoT devices like cameras and sensors to decentralized applications,” said Howard Tung of Xoogler Ventures GP.
Andy Duong, from Samsung Next, wrote this message as a reply to the investor:
MachineFi Lab is a company we invested in because of its potential to connect large-scale machines networks. It also provides the infrastructure necessary to make each device an autonomous market participant. This will provide incentives to consumers for helping to build the network.
According to sources, the funds will drive the MachineFi Lab’s global machine-share economy platform. The platform provides financial incentives to people who want to share their smart machine and device resources as well as their real-world data with the network.