Samsung Next, Xoogler Reveal Motive Behind IoTeX Investment

Several days after Machine Lab, the core developer ofIoTeX announced raising $10 million in a seed round, Samsung Next and Xoogler explained why they decided to get involved in this project.

“Building on the IoTeX infrastructure, MachineFi Lab jump-starts the large-scale decentralized machine networks. It incentivizes the deployment of machines and the financialization of smart devices and machines’ utility and data. And it enables their self-evolving governance,” said MachineFi Lab CEO and Founder Dr. Rallen Chai.

Notably, IoTeX aims to bring hundreds of millions of smart machines and device users into the Web3 machine-share economy.

Following the seed round, MachineFi Lab’s valuation now sits at $100 million and places the IoTeX network as the decentralized machine onboarding and financialization layer for all the blockchains.

Chai added that each of the firms involved in this first seed round shares the MachineFi vision and is passionate about the real-world adoption and people’s financialization of their smart devices and their generated data.

“We are excited to announce our investment in MachineFi Lab, the core developer of IoTeX- a leading cryptocurrency blockchain that powers IoT devices like cameras and sensors to decentralized applications,” said Howard Tung of Xoogler Ventures GP.

Andy Duong of Samsung Next penned a message in reply to the investment:

We invested in MachineFi Lab because we think its platform has the potential to unify large-scale machine networks and to provide the infrastructure needed to enable each device to act as an autonomous market participant, providing incentives for consumers to help construct the network.

According to sources, the funds will drive the MachineFi Lab’s global machine-share economy platform. This platform will facilitate financial incentives for people to contribute their intelligent machine and device resources and their real-world data to the network.