The Capital round brings Mawari’s total raised Capital to $17.3 million. Mainnet launch on Solana is expected in Q1/2025.
DePIN Protocol Mawari Network on Solana Raises $10.8 Million
The DePIN project on Solana Mawari Network recently announced the completion of raising $10.8 million in a strategic round, bringing the total Capital raised to $17.3 million.
Mawari Network has raised $10.8M in strategic funding to pioneer the future of spatial computing 🕶️
— Mawari (@mawariXR) September 26, 2024
Building on Mawari's expertise in streaming immersive experiences, Mawari Network leverages DePIN to bring 3D content quickly & affordably to devices around the world. pic.twitter.com/SnNK2VzIPc
The Capital was led by Anfield Ltd, Borderless Capital and 1kx, with participation from prominent investors such as Accord Ventures, Animoca Brands Japan, Blockchange Ventures, Draper Dragon and Samsung Next.
Angel investors include Helium co-founder Sean Carey, The Tie CEO Joshua Frank, Pete Townsend, Techstars Web3 leader and former Galaxy Digital CISO Ivan Brightly.
Mawari Network’s strategic Capital round is structured as a simple agreement for future Capital (SAFE) with Token purchase rights. This is a common model in early investment rounds, allowing investors to gain partial ownership of the company through future shares when the project Token Issuance.
Mawari Network co-founder and CEO Luis Oscar Ramirez said:
“The goal of this round is not only to increase Capital for Mawari, but also to strengthen the strategic investor network to promote long-term development and ensure project stability.”
In addition, Helium co-founder Carey will also join Mawari Network's board of directors as part of the deal, Chia to Luis Oscar Ramirez.
With the raised Capital , Mawari Network will use it to invest in developing technical infrastructure, especially building powerful processing nodes and scaling the DePIN network on Solana. In addition, a portion of the funds will be used to hire additional personnel, focusing on technical, business and marketing Vai to promote the future mainnet launch.
Mawari Network is a DePIN project built on the Solana blockchain, just like how Netflix streams videos to users' devices, Mawari streams real-time 3D content to devices like smart glasses or VR headsets.
The main idea of Mawari is to help users experience the virtual world quickly and with high quality without relying too much on the processing power of their personal VR device. The protocol's computer network will take on the tasks of calculating complex 3D graphics, helping the user's VR device not to have to shoulder the entire processing and operate more smoothly.
Mawari is often compared to Render Network (RNDR). However, the main difference is that Mawari performs graphics processing online in real-time, while Render has to be done offline.
Mawari currently holds three patents and is working on 11 more related to 3D content delivery. The project currently serves 40 customers including major brands such as T-Mobile, Netflix, and BMW, with an Medium annual revenue of about $1.5 million.
Mawari Network is currently actively developing Devnet on Solana and is expected to launch mainnet in Q1/2025.
In addition, the project is also preparing for a node license sale in Q4 of this year to expand its infrastructure, including spatial streamer nodes, verifier nodes, and application nodes.
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