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DePIN Platform Uplink Raises $10M Led by Framework Ventures
Uplink provides decentralized network connectivity with the aim of creating better distributed and user-operated infrastructure.
Updated Apr 11, 2024, 1:35 p.m. Published Apr 11, 2024, 12:00 p.m.
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Uplink, a company attempting to democratize internet access, announced a $10 million funding round led by Framework Ventures.
The firm is a Decentralized Physical Infrastructure Network (DePIN), a sector that data provider Messari estimates could have a market value of $3.5 trillion by 2028. DePIN projects connect blockchain technology with physical systems and often offer tokens to incentivize people to crowdsource the infrastructure.
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Uplink provides decentralized network connectivity with the aim of creating better distributed and user-operated infrastructure. According to the company, the idea is to reduce reliance on traditional centralized telecommunication providers.
Users and enterprises will be able to earn tokens as a reward by either contributing to the network or using it. They can integrate their existing infrastructure into the Uplink network or install compatible hardware for their community/business. The company plans to launch a token later this year.
“By creating financial incentives that encourage people to increase DePin-powered internet access, more users will then be able to access connectivity wherever Uplink offers coverage and flag areas of need where it does not,” the company said in the press release.
According to Framework Ventures, Most DePIN projects, including Helium, have historically taken a retail-focused approach to initial distribution of the network and hardware. Helium is arguably one of the largest and first DePIN projects, with a market capitalization of almost $1 billion.
"Uplink is instead prioritizing large enterprise partnerships for initial distribution. We think in DePIN’s nascent stage, our best bet for initial adoption will come from conglomerates that can actively help push fleet deployment," said Framework Ventures.
Founded in 2016, Uplink collaborated with Ericsson, Deutsche Telekom, and E.ON, according to the statement.
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