Blockchain Startup Kandola Raises USD 450K in a Pre-Seed Round, Funding Led by Arcanum Capital, AlphaWave Global and Polygon’s Sandeep Nailwal
Summary
Blockchain startup Kandola , which offers a real-time decentralized chip-to-cloud IoT protocol and real-time NFT, has raised a pre-seed round of $450K from a marquee list of investors including AlphaWave Global, Sandeep Nailwal (founder of Polygon), Harsh Rawat (EPNS) among others. The funding round also witnessed participation from Arcanum Capital, a seed-stage VC firm focused on investments in decentralized protocols and applications for the global blockchain ecosystem.It aims to be the de facto platform for all Dapps/solutions that need to use real-time communication and data stores like IoT hardware and apps, messaging apps, games, real-time NFT, and metaverse apps.The funds from this round will be used to solidify underlying technologies through research and development, and for team expansion. Founded by Siddharth Banerjee along with co-founders Krithika Radhakrishnan and Sriram Padmanabhan, Kandola’s key objective for this funding round is to build a strong community to ensure easy adoption and to launch TestNet with its existing partners in the next six months.Speaking about the startup’s objective,said, “With immense belief in the rapidly growing Web3 community, we hope to attract aspiring talent who will help us build Kandola ground up. Data being controlled and monetized by the owner is obvious and yet ambitious; any company working towards making this possible will be a part of an ongoing meta revolution.”said, “Kandola is building an IoT3 Network which will perform real-time transactions and finality at unprecedented scale for all non-DeFi business domains on Web3. Once in motion, we envision a steady power shift from centralized enterprises to the true owners, the value creators.”India is being seen as the next major global hub for blockchain technology growth.