A $10 million fundraising round headed by Framework Ventures has been announced by Uplink, a business that aims to democratize internet access.The company operates in the Decentralized Physical Infrastructure Network (DePIN) space, which according to data source Messari may have a $3.5 trillion market cap by 2028. DePIN initiatives link blockchain technology to tangible processes and frequently provide tokens as a means of encouraging crowdsourcing of the infrastructure.
Uplink aims to improve distributed and user-operated infrastructure by offering decentralized network connectivity. The company claims that the goal is to lessen dependency on conventional, centralized telecommunications providers.
Tokens will be awarded to users and businesses for their contributions to and use of the network.They can install gear that is compatible with the Uplink network or integrate their current infrastructure into it for their business or community. Later this year, the business intends to create a token.
“By creating financial incentives that encourage people to increase DePin-powered internet access, more users will then be able to access connectivity wherever Uplink offers coverage and flag areas of need where it does not,” the company said in the press release.
Most DePIN projects, including Helium, have traditionally approached the early distribution of the network and hardware with a retail-focused strategy, according to Framework Ventures. With a market valuation of around $1 billion, Helium is undoubtedly one of the biggest and original DePIN initiatives.
“Uplink is instead prioritizing large enterprise partnerships for initial distribution. We think in DePIN’s nascent stage, our best bet for initial adoption will come from conglomerates that can actively help push fleet deployment,” said Framework Ventures.
Founded in 2016, Uplink collaborated with Ericsson, Deutsche Telekom, and E.ON, according to the statement.