Peaq receives 2.5 million euros

Tom Schmidtgen Tom Schmidtgen | 10.06.2021

The money comes from Scherzer & Co, Werner Geissler and Meteoric VC. The Berlin-based start-up wants to expand its blockchain solution.

Berlin-based Peaq has closed a €2.5 million funding round. Cologne-based private equity firm Scherzer & Co, Werner Geissler, the former vice-chairman of Procter & Gamble, and VC Meteoric are investing in the start-up.

Peaq promises that customers can use the technology to reduce costs, create new revenue streams and automate processes. At the same time, the systems should become faster and more secure. Peaq is targeting business customers. The Peaq team is betting on so-called distributed ledger technology, on which blockchain is based. "This investment will enable us to make Peaq's enterprise solutions available to even more customers and thus make a valuable contribution with our technology in the Internet-of-Things, while at the same time driving the economy-of-things," explains CEO Till Wendler.

Peaq will soon launch a network and a token as a means of transaction for the so-called Economy-of-Things. In it, devices, machines and vehicles can monetize and trade all kinds of values autonomously and without intermediaries, Peaq explains in a statement. The startup is not yet revealing more about the network and the token. "We are convinced that our decision to wait to launch our public network was the right one, not only from a business strategy perspective. It is representative of the ethical values by which we have built the company and will lead it into the future," Wendler says.


Newsletter

Startups, stories and stats from the German startup ecosystem straight to your inbox. Subscribe with 2 clicks. Noice.

LinkedIn Connect

Take care, give care

Did this news inform or entertain you? Then we would be happy if you tell your network about it.

Share on Linkedin Share on Facebook Share on Xing

FYI: English edition available

Hello my friend, have you been stranded on the German edition of Startbase? At least your browser tells us, that you do not speak German - so maybe you would like to switch to the English edition instead?

Go to English edition

FYI: Deutsche Edition verfügbar

Hallo mein Freund, du befindest dich auf der Englischen Edition der Startbase und laut deinem Browser sprichst du eigentlich auch Deutsch. Magst du die Sprache wechseln?

Deutsche Edition öffnen

Similar posts