PlanetWatch on Algorand Raises Staggering 3 MILLION Euros in Funding

PlanetWatch Raises 3 Million Euros in Funding

PlanetWatch, a CERN spin-off, has raised three million euros through a Simple Agreement for Future Equity (SAFE) and bank loans. This is reported in a press release on PlanetWatch's website

The funds will be used to strengthen the company's technical infrastructure, grow its air quality monitoring network, and boost business development initiatives. 

Funding By Borderless Capital, Algorand Foundation

The round of funding was led by Borderless Capital, but also included some additional big-name investors such as Algorand Inc. and the Algorand Foundation. 

We are honored that key entities from the Algorand ecosystem, as well as major French banks, continue to support PlanetWatch development,” said Claudio Parrinello, co-founder and CEO of PlanetWatch.

PlanetWatch's strong roadmap for 2023 includes smart contracts for air quality data sales and the transition to a Web3 business model. The company is being endorsed as a real-world blockchain project with a compelling use case and capable of closing deals with both companies and governmental entities.

What is Planet Watch?

PlanetWatch is a startup based in France that specializes in using advanced algorithms and affordable air quality sensors to deploy dense, low-cost networks that are monitoring air quality. It uses the Algorand blockchain to achieve this together with its Algorand standard asset (token) under the tag $PLANET.

The companys network, which currently has over 20,000 sensors active worldwide, provides advanced data products for both governmental and private sector entities. Moreover, it's building the first global immutable air quality data ledger. 

PlanetWatch is an official spin-off of CERN and a member of the Crypto Sustainability Coalition promoted by the World Economic Forum.

Article Author: Martin
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