Peaq receives 2.5 million euros

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

Peaq from Berlin has closed a financing round of 2.5 million euros. Cologne-based investment company Scherzer & Co, Werner Geissler, the former Vice-Chairman of Procter & Gamble, and VC Meteoric are investing in the start-up.

Peaq promises that customers will be able to use the technology to reduce their costs, create new sources of income and automate processes. At the same time, the systems should become faster and more secure. Peaq is aimed at business customers. The Peaq team relies on distributed ledger technology, on which the 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 to the Internet of Things with our technology, while at the same time driving forward the economy of things," explains CEO Till Wendler.

Peaq will soon be launching a network and a token as a means of transaction for the so-called Economy-of-Things. This will allow devices, machines and vehicles of all kinds of value to be monetized and traded autonomously and without intermediaries, Peaq explains in a press release. The start-up is not yet revealing more about the network and the token. "We are convinced that our decision to wait with the launch of our public network was not only the right one from a business strategy perspective. It is representative of the ethical values on which we have built the company and will lead it into the future," says Wendler.