IoTeX, a blockchain-based IoT infrastructure solutions provider, has secured USD 50 million as an investment from SNZ Capital, Foresight Ventures, Borderless Capital, Amber Group, FutureMoneyGroup, and Metrics Ventures, among several others.

The investment will be allocated across long-term staked IOTX (the company's native token), various decentralized physical infrastructure (DePIN) projects built via IoTeX, the IoTeX Foundation, and the DePINsurf accelerator fund. The company aims to use the funding to promote wider adoption of DePIN technology.

IoTex offers layer-1 blockchain infrastructure for users to build and deploy decentralized physical infrastructure networks (DePINS). Users can choose from a range of modular blocks and leverage data from IoT devices to create a range of smart contracts and decentralized applications. 

Analyst QuickTake: This news makes IoTeX the second company in the DePIN space to receive funding during the past month alongside Peaq , which raised USD 15 million . Moreover, IoTeX has also been steadily ramping up its activity in the space, recently entering a partnership with Dell EMC , to develop blockchain-based solutions that integrate IoT devices with AI. The company aims to differentiate itself by enabling users to stream and compute off-chain data from physical devices to applications built on various blockchains, including Ethereum, Solana, Polygon, Arbitrum, and Optimism.