Digital Infrastructure Inc., builder of the DIMO platform for giving drivers control over their vehicle data, has raised $9 million in a funding round that included noted crypto investment firm CoinFund.
- Other investors in the round included Variant Fund, Slow Ventures and hedge fund manager Bill Ackman’s Table Management, as well as Rick Wagoner, the former CEO of General Motors, among others.
- DIMO is a decentralized software and hardware internet of things (IoT) platform that lets users create verified streams of their vehicle data to share privately with applications, which can allow users to negotiate for better services such as auto financing and insurance.
- The funding round will help Digital Infrastructure and its partner companies make the core software open source and launch a software development kit (SDK) for developers building apps for the network.
- In December, Digital Infrastructure launched the App.Dimo.Zone for users to connect their vehicles; 17,000 vehicles have been added to date, according to the press release. The company also offers hardware data miners the ability to securely connect car owners to the DIMO network.
- Users connecting to the network are rewarded in the native DIMO token for participation and referrals.
- “DIMO Proof-of Movement has the ability to better coordinate connected vehicles with the world around them,” said Alex Felix, CIO of CoinFund, in a press release. “Empowering users to own their data is a powerful use for Web 3 technologies, and the network is designed around a positive feedback loop that redraws stakeholder lines and rewards users in more productive ways.”
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.