Peaq, a blockchain-based IoT solutions provider, has secured USD 15 million in new funding, led by Generative Ventures and Borderless Capital. Spartan Group, CMCC Global, and Animoca Brands also participated. This round brings the company's total funding to USD 21 million.

The company plans to use the funds to expand its ecosystem of 20 decentralized physical infrastructure (DePIN) networks and develop its modular DePIN Functions and software development kit. Moreover, the company also plans to launch its mainnet launch and list its PEAQ token shortly. 

Peaq offers layer-1 blockchain infrastructure that enables businesses to build and deploy decentralized applications and physical infrastructure networks. Users can tokenize hardware, such as machines, vehicles, and devices, for various use cases, such as machine IDs, role-based access control, payments, and data storage and indexing. The company provides users with pre-built network functions and a software development kit to deploy their applications without purchasing and running their own equipment.