Peaq receives 2.5 million euros

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.