Kandola, a blockchain firm, announced a $450,000 pre-seed financing. The cash generated in this round will be used to grow the team and develop new technologies.AlphaWave Global led the pre-seed round, which also included Sandeep Nailwal, Co-founder of Polygon, and Harsh Rajat, Founder of Ethereum Push Notification Service (EPNS). Arcanum Capital, a venture capital firm, also participated in the round.
Tushar Behl from AlphaWave Global said, “We are extremely excited to partner with Sid and his team at Kandola. We are big believers in the power of permaweb and decentralised infrastructure. At the same time, IoT (internet of things) and smart devices have taken over our world. Kandola has a real shot at building a critical piece of that infrastructure for one of the largest TAMs (technology acceptance model) in human history.”
The funds raised in this round will be utilised to establish underlying technologies through research and development, as well as to expand the team. Kandola, founded by Siddharth Banerjee and co-founders Krithika Radhakrishnan and Sriram Padmanabhan, has a strong network to enable simple adoption and plans to deploy TestNet with its existing partners in the next six months.