MachineFi Lab announces Series A funding to raise $50 million

IoT and blockchain technologies company MachineFi Lab has kicked off Series A funding. MachineFi Lab, the core developer of IoTeX, aims to raise $50 million from this round of funding.

The company said the first investment round included Hashkey Capital, IOSG, Escape Velocity, Jump Crypto, Goodwater Capital, Xoogler Ventures, Wemade, Hanwha Impact, Alpha Grep, DHVC, Vista Lab, NewBuild VC and other prominent firms and angels.

The latest round of funding announcement comes after the company successfully raised $10 million seed round funding led by Samsung Next, Crypto.com, Hashkey Capital and Draper Dragon in June.


"The raise sets MachineFi Lab’s valuation at $100 million," said MachineFi Lab Co-Founder Jing Sun.

Sun said she believes the Series A round will be completed before the end of the third quarter and that the funds will help expand the MachineFi Lab team significantly.

"The funds will drive the MachineFi Lab's global machine-share economy platform. This platform will facilitate financial incentives for people to contribute their intelligent machine and device resources and their real-world data to the network," Sun added.

According to McKinsey estimates, the machine economy's total value could reach $13 trillion by 2030.