DePIN Infrastructure Parasail Completes $4 Million Seed Round, Led by Protocol Labs

BlockBeats news, on May 28, Parasail Protocol, which focuses on improving the security of DePIN hardware services, announced the completion of a $4 million seed round of financing, with a valuation of $50 million. The seed round was led by Protocol Labs, with participation from D11 Labs, MH Ventures, BitRise Capital, EV3, Fenbushi Capital, Modular Capital, Faculty Group, DWF Ventures, Foresight Ventures, AGE Crypto, Waterdrip Capital, etc.

The new funds will be used to accelerate the implementation of various product features in the Parasail Master Plan, that is, to pool assets and hardware on DePIN, provide users with service level guarantees, and dynamically coordinate hardware resources based on demand. Parasail TVL has exceeded $50 million.