German deeptech peaq completes €750k angel funding round
Berlin-based startup peaq has raised €750,000 from angel investors including Werner Geissler, former Vice-Chairman of Procter & Gamble, Michael Ganser, former CEO of CISCO Germany, Xavier Sarras, Partner at 4P Capital, Friedrich Neuman, Senior Advisor at Deloitte, and Steffen Seifarth, former CEO of Mäurer & Wirtz.
peaq develops blockchain platform infrastructure for decentralized applications in the field of IoT. The platform’s underlying DAGchain blockchain architecture combines DAG (Directed Acyclic Graph) with blockchain technologies to fulfil the all-important needs for speed, scalability and security without the need for high energy consumption.
Founded in 2017, the company has already achieved revenue of €600k. It intends to invest the raised funds into the launch of its full-scale blockchain platforms for the automotive industry.
In addition, in the first quarter of 2021 peaq wants to close wider financing round and attract institutional investors, as the company plans to open its platform across the telecommunications and compliance industries.