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Parasail Protocol Raises $4 Million In Seed Funding To Enhance DePIN Hardware Security

28/05 22:06

According to Odaily, Parasail Protocol, a project focused on enhancing the security of DePIN hardware services, has recently announced the completion of a $4 million seed funding round, bringing its valuation to $50 million. The funding round was led by Protocol Labs, with participation from D11 Labs, MH Ventures, BitRise Capital, EV3, Fenbushi Capital, Modular Capital, Faculty Group, DWF Ventures, Foresight Ventures, AGE Crypto, and Waterdrip Capital. The Parasail team has stated that the funds will be used to accelerate the implementation of various product features in the Parasail Master Plan. This includes pooling assets and hardware on DePIN, providing service level guarantees for users, and dynamically coordinating hardware resources based on demand. It is reported that Parasail's Total Value Locked (TVL) exceeds $50 million. In addition to securing hardware services through asset delegation, Parasail is also building a universal adapter for hardware service provision and verification. This will enable the flexible use and circulation of general hardware resources, such as graphics cards, storage, and sensors, across different DePIN ecosystems. With the help of the Parasail protocol, DePIN projects can systematically and efficiently establish their networks and mobilize hardware resources.

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