Huddle01, a US and India-based company, has raised $2.8 million in seed funding to build the world’s first decentralized real-time communication (dRTC) network.
The funding was led by digital asset investment firm Hivemind, with participation from Superscrypt, M31 Capital, Protocol Labs, East Ventures, Longhash Ventures, Good News Ventures, and notable angel investors.
The company has now raised a total of $4.5 million to date.
Huddle01 aims to make video and audio communication faster, cheaper, and more accessible by leveraging blockchain technology.
The company has taken a three-pronged approach to make communication more efficient, reliable, and secure, which includes a video meeting platform, a/v infrastructure, and a dRTC network.
The platform has already facilitated over one million minutes of meetings, while the infrastructure has over 100 projects built on top of it.
The dRTC network will eliminate the need for centralized servers for real-time communication.
Huddle01 plans to create enough demand on its infrastructure to ensure that when it launches the network with incentives, it becomes self-sustaining and self-propelling, with better performance, privacy, and costings as compared to centralized incumbents.
With its new funding, Huddle01 plans to grow its ecosystem to support thousands of apps and launch its network of nodes to facilitate communication at scale and reward them with Huddle01 tokens.
The company will also roll out grant programs to empower developers to build breakout applications on Huddle01’s infrastructure and increase their global network. Huddle01 will also tap heavily into the social, gaming, metaverse, and video commerce industry, enabling bottom-up adoption.
Huddle01 believes that decentralized real-time communication can not only significantly increase performance, decrease cost and increase the security of interaction but also disrupt centralized communication infrastructure in key sectors like live video commerce, social, gaming, education, and metaverse.
The company plans to launch the dRTC network by Q4 of 2023, which will eliminate the dependency on centralized servers for real-time video communication.
The ongoing technological developments in the field of AR & VR coupled with this generation’s natively digital habits have given way to new and advanced ways of communication.
Huddle01 aims to take advantage of these developments to create a self-sovereign decentralized real-time communication network with incentive mechanisms. – AsiaTechDesk.com
