Kandola, a blockchain startup has raised $450k in its pre-Seed funding round from AlphaWave Global, Sandeep Nailwal (founder of Polygon), and Harsh Rawat (EPNS) among others.
The round also saw participation from a seed-stage venture capital firm Arcanum Capital which focused on investing in decentralized protocols and applications for the global blockchain ecosystem.
The firm will use the funds to strengthen the underlying technologies through research and development and to expand the team.
Founded in 2021 by Siddharth Banerjee, Krithika Radhakrishnan, and Sriram Padmanabhan, it offers a real-time decentralized chip-to-cloud IoT protocol and real-time NFTs.
“With immense belief in the rapidly growing Web3 community, we hope to attract aspiring talent who will help us build Kandola ground up. We are already on course for a paradigm shift. Data being controlled and monetized by the owner is obvious and yet ambitious; any company working towards making this possible will be a part of an ongoing meta revolution”, said, Siddharth Banerjee, CEO of Kandola.
With this funding round, Kandola aims to build a strong community to ensure easy adoption and launch TestNet with its existing partners over the next six months.
“Kandola is building an IoT3 Network which will perform real-time transactions and finality at unprecedented scale for all non-DeFi business domains on Web3. We provide all actors with simple tools and mechanisms to participate in this decentralized network. We will deliver this value to IoT devices, manufacturers, and consumers as proof of our vision. We plan to expand this success to all businesses where there is a trust deficit between what is produced, processed, and delivered to consumers. Once in motion, we envision a steady power shift from centralized enterprises to the true owners, the value creators”, said, Ragul Kumar, CTO of Kandola.
Blockchain technology and Web 3.0 innovations are projected to increase the value of the digital asset economy from $5 billion in 2021 to $262 billion over 11 years, resulting in an increase of $1.1 trillion in India’s GDP. Such growth is due to the impact of blockchain technology. The company said in a press statement that Kandola aims to be an important part of this revolution.
“Kandola has a real shot at building a critical piece of that infrastructure for one of the largest TAMs in human history”, said, Tushar Behl from AlphaWave Global.
“With a pre-existing client base and a solid vision of where the sector is evolving, Arcanum Capital is confident Kandola will become a leader in the field”, said, James McDowall from Arcanum Capital.