- $9 million in Series A fundraising led by A16z Crypto has been raised by Daylight.
- According to co-founder and CEO Jason Badeaux, the DePIN project is developing a distributed energy system on the Base blockchain.
In a Series A fundraising round headed by A16z Crypto, Daylight, a decentralized physical infrastructure network (DePIN) initiative centered on energy delivery, raised $9 million.
According to Daylight on Wednesday, Framework Ventures, Lattice Fund, Escape Velocity, and Lerer Hippeau were among the other investors in the round. Jason Badeaux, the CEO and co-founder of the startup, said that the company completed its funding campaign in ten days in April. Regarding the round’s structure, valuation, and whether any investors have assumed advisory or directorship roles on the board, he declined to answer.
After raising $4 million in seed money in the summer of 2022, Badeaux claimed that Daylight has now raised $13 million in total capital thanks to the Series A round.
Describe Daylight
Badeaux, Udit Patel, and Evan Caron—all with experience in the energy sector—founded Daylight in 2022.
“it was evident to us in 2022 that the demand for electricity was going to skyrocket due to compute growth, electrification, and reshoring of industrial capacity, and that the historical model of grid expansion would be the constraint to serving this demand.” Since it is almost hard to build transmission infrastructure, we must develop new strategies to maximize energy growth, and distributed energy is essential to such strategies.
By developing a decentralized protocol, Daylight will enable customers to link their energy-related devices—such as solar inverters, electric cars, batteries, and thermostats—to its app and get incentives. In order to obtain energy upgrades for their house or building, such as solar panels, electric vehicle chargers, heat pumps, and hot water heaters, users can also sign up for the Daylight marketplace. According to Daylight, the marketplace is now operational in Pennsylvania, New Jersey, and New York, and support for Texas and California will follow shortly.
Regarding the specifics of Daylight’s operation, Badeaux explained that the protocol gathers capacity from the adaptability of linked devices and makes it available to energy providers.
Furthermore, he noted, the protocol’s exclusive energy data can be utilized to create innovative applications, such as voltage monitoring to lower the danger of an electrical fire for property insurance.
Reward points are given by Daylight and can be used within the app. Badeaux declined to answer when asked if those points would eventually be transformed into Daylight’s own cryptocurrency.
Regarding Daylight’s commercial plan, Badeaux stated that end users within and outside the energy sector will purchase energy data and energy capacity through the protocol.
The U.S. energy market is now made up of a number of heavily regulated monopolies, but a16z partners Guy Wuollet and Ali Yahya stated in a different blog post that was shared with The Block that they think it ready for disruption. Daylight is developing a decentralized protocol that will enable programmers to use dispersed energy resources to configure the energy grid.
Daylight structure on the Base
According to Badeaux, Daylight is developing its protocol on the Ethereum Layer 2 network Base, which is supported by Coinbase. Today saw the testnet deployment of the protocol. About the timeline for the mainnet rollout, Badeaux declined to disclose.
The Daylight Protocol would reward users for contributing energy capacity to its open-source network, much like renewable energy credits or energy efficiency credits do, according to Badeaux. By enabling interaction between developers and energy firms and the infrastructure, the protocol will create an economy centered around its energy capacity and data.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
