IO Research, the creator of the Solana-based decentralized physical infrastructure network (DePIN) io.net, based in Solana, has attained a fully diluted token valuation of $1 billion in its most recent investment round batch, as per two people with firsthand knowledge of the situation.
On Tuesday, IO Research revealed a successful Series A funding round, securing $30 million. The round was spearheaded by Hack VC, with contributions from Multicoin Capital, 6th Man Ventures, Solana Ventures, OKX Ventures, Aptos Labs, Delphi Digital, The Sandbox, Sebastian Borget, and other notable investors.
Various sources state that the round happened in phases and that token warrants were arranged in a 1:1 ratio with a simple agreement for future equity (SAFE) as its structure.
The founder and CEO of io.net, Ahmad Shadid, confirmed the round’s structure and said that tokens are locked in for at least a year for all investors.
According to one of the two sources, IO Research started gathering money for the round in January of this year and just concluded the last round. The insider also stated that the majority of investors entered the round earlier, at a $500 million valuation.
Since io.net’s native IO token is scheduled to launch on April 28, last week, IO Research’s $1 billion token FDV crowdfunding is noteworthy.
The initiative aims to expand its present staff of approximately 50 to 100 individuals by the end of the year to fulfill consumer demand and carry on expanding the network now that it has secured additional funding.
