Algorand-based VC Firm Closes $10M fund To Build Green Data Economy
PLANETS.fund is a new fund from Borderless Capital that comes with a $10M investment for developing a green data economy on Algorand. The new fund is focused on building this economy using PlanetWatch.
PlanetWatch is a network on Algorand that provides indoor and outdoor air quality monitoring systems. The Miami-based venture capitalist aims to grow his network by providing the needed investment. The ultimate goal is to expand the network around the globe.
Blockchain and Green Economy
Although some people think blockchain projects can be harmful to the environment, there are many projects that focus on improving the natural ecosystem. PlanetWatch is one of them that leverages Algorand blockchain as the fundamental network layer. There are many PlanetWatcher sensors in this network that are hosted by users. These users get paid in PLANETS tokens that act as the economic incentive of the network.
1/4 We are excited to announce the closing of our $10M https://t.co/7hNVXNb3dO focused on the @PlanetWatchsas ecosystem on top of the @Algorand Blockchain!https://t.co/qxFRQ102ML
— Borderless Capital (@borderless_cap) November 23, 2021
The network should grow to become a reliable source of data for air quality monitoring. The new fund from Borderless Capital aims to grow this network by deploying thousands of sensors around the globe. Besides, the fund will hold a long-term position in PLANETs tokens.
The latest $10M fund is the result of a partnership between Borderless Capital and many other investors. SkyBridge, JUMP Capital, Kenetic Capital, Algorand Inc, Meld Ventures, and Youbi Capital invest in this fund. Next to the investment first, some individuals are investing in the fund, too. Some of them are Joseph Naggar and Deeb Salem (Partners at GoldenTree), Woodrow Levin (CEO of Extend.com), Sam Frankfort (partner at Benvolio Group), and Steve Kokinos (CEO of Algorand).
The ultimate goal of PlanetWatch is to provide reliable data about the air quality around the world and help experts find solutions based on accurate data. The new fund will help this project expand the network faster and serve more regions around the world.
Claudio Parrinello, CEO of Planetwatch, said:
“We are humbled and grateful to PLANETS.Fund investors for subscribing to our disruptive new vision for global environmental monitoring, where the engagement of ordinary people is instrumental for network deployment and maintenance. With PlanetWatch, people are making their own city smart.”
PlanetWatch is a spinoff of the European Organization for Nuclear Research (CERN). But it focuses on the whole world for providing a reliable network of PlanetWatchers. The collected data from PlanetWatchers goes to the Algorand blockchain. This blockchain claims to be the only carbon-neutral network in the market. It creates an immutable air repository that can help scientists analyze it and offer practical solutions.
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