VanEck Invests $2.5 Million in Solana-Based DePIN Project DAWN
VanEck is investing $2.5 million in DAWN, a decentralized internet service provider project, through its Digital Assets Alpha fund and VanEck Ventures. This marks the first instance of multiple funds from VanEck investing directly in the same company, following Andrena's previous $18 million raise in August.
Andrena CEO Neil Chatterjee stated that DAWN aims to leverage the transition from wired to wireless internet due to advancements like 5G and Starlink, empowering households to own their networks. The hardware enables users to share internet access regardless of their current provider.
Chatterjee highlighted that the investment will help scale retail engagement and allow DAWN to expand internationally, as it currently has a user base mainly in the US. The funding will facilitate partnerships with data centers and internet service providers to enhance deployment.
The team's primary objectives include generating on-chain revenue and increasing household participation, with aspirations of reaching millions in both metrics. According to Wyatt Lonergan from VanEck Ventures, DAWN presents an economically competitive product that challenges traditional ISPs' monopolistic nature while offering consumers better control over their internet services.
Lonergan emphasized the importance of the DAWN team and noted that the simplicity of WiFi makes this project more accessible compared to other crypto initiatives. VanEck aims to support what it considers a category-winning team with this investment.