Kandola Raises $450,000 in Pre-Seed Funding Round Led By Arcanum Capital and AlphaWave Global
Funds will be utilized to solidify underlying technologies through research and development, and for team expansion
Blockchain startup, Kandola, announced on Monday to have raised a pre-seed round of $450,000 from investors including AlphaWave Global, Sandeep Nailwal, Harsh Rawat among others. The funding round also witnessed participation from Arcanum Capital. Funds will be utilized to solidify underlying technologies through research and development, and for team expansion.
"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. We will deliver this value to IoT (Internet of Things) devices, manufacturers, and consumers as proof of our vision. We plan to expand this success to all businesses where there is a trust deficit between what is produced, processed, and delivered to consumers," said Ragul Kumar, chief technology officer, Kandola.
India is being seen as the next major global hub for blockchain technology growth. According to an article in Analytics Insight, around 56 per cent of Indian businesses are currently shifting towards blockchain technology, making it an integral part of their core business. Blockchain technology and Web 3.0 innovations are estimated to propel the digital asset economy's value from $5 billion in 2021 to $262 billion over 11 years, resulting in a $1.1 trillion contribution to India's GDP, according to a statement given by the company.
"The Kandola team brings a wealth of expertise and experience from the Web 2.0-IoT world and in our opinion have chosen the right time to innovate by applying Web 3.0 technologies to IoT. With a pre-existing client base and a solid vision of where the sector is evolving, Arcanum Capital is confident Kandola will become a leader in the field," said James McDowall, founding partner, Arcanum Capital.
Founded by Siddharth Banerjee along with co-founders Krithika Radhakrishnan and Sriram Padmanabhan, Kandola Network LLC is a blockchain company focussed on IoT. 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. Kandola intends to solve the device security and data privacy issues rampant in the IoT industry by using a chip-to-cloud approach.