Andrena Raises $18M Series A Round From Dragonfly, CMT Digital, and Others to Expand Its Solana-Based DePIN Project

Dragonfly was the primary investor in the extended Series A round, which was also attended by CMT Digital, Castle Island Ventures, Wintermute Ventures, 6th Man Ventures, and ParaFi.

Andrena, a Solana-based DePIN project, has completed an extended Series A round of $18 million, led by Dragonfly and attended by CMT Digital, Castle Island Ventures, Wintermute Ventures, 6th Man Ventures, and ParaFi.

The Block reported that the fundraising raises the total to $38 million, which follows a $15 million Series A round announced last year, in which Dragonfly was also the primary investor.

Andrena’s co-founder Neil Chatterjee told The Block that the recent funding was structured as a simple agreement for future equity (SAFE) with token warrants. Chatterjee said that the round was “substantially oversubscribed,” despite initially intending to extend it by $5 million to ensure that Andrena is adequately prepared for its token generation event (TGE).

Andrena is building a decentralized autonomous wireless network (DAWN) that allows users to sell their unused internet to a network of providers. The project is currently in testnet, with no set timeline for the mainnet launch.

The protocol uses a “proof of backhaul” mechanism to connect nodes to the wider internet, a technology for on-chain verification that Andrena developed in collaboration with Princeton University professor Pramod Viswanath.

“DAWN aims to do for the internet what solar panels did for electricity,” said Chatterjee. “People will now be able to own their own wireless home and business internet, in the same way that people own and generate their own electricity and sell the excess back to the grid.”

Andrena’s internet service is currently available in ten states across the U.S., including New York, New Jersey, Texas, Tennessee, Florida, and Pennsylvania. Its wireless device is installed on customers’ rooftops, similar to solar panels, and once the token is launched, it plans to shift its customers and revenue on-chain.

The native token of DAWN will be available for purchase through a mobile application. Users can then use the token to buy internet bandwidth from the network.

According to Chatterjee, users will be rewarded for staying connected, referring others, and serving as validators.

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