Where is IoTeX headquartered?

IoTeX is headquartered in Menlo Park, California. The company has a team of 51-100 people.

IoTeX operates in the AI Infrastructure sector. IoTeX is a modular Web3 infrastructure platform that connects smart devices and real-world data to blockchains, enabling the development of decentralized AI and IoT applications. To provide a scalable and secure platform that connects billions of real-world devices and their data to the blockchain, enabling developers to build trusted, decentralized applications and unlock the value of machine-driven economies.

When was IoTeX founded?

IoTeX was founded in 2017. It is based in Menlo Park, California.

Who is the CEO of IoTeX?

Raullen Chai is the CEO of IoTeX. The company was founded in 2017.

Where is IoTeX located?

IoTeX is headquartered in Menlo Park, California.

What funding stage is IoTeX at?

IoTeX is currently at the Growth stage.

How many employees does IoTeX have?

IoTeX has approximately 51-100 employees.

IoTeX

Category: AI Infrastructure

IoTeX is a modular Web3 infrastructure platform that connects smart devices and real-world data to blockchains, enabling the development of decentralized AI and IoT applications. IoTeX was founded in 2017. The company is led by Raullen Chai. Based in Menlo Park, California. Team size: 51-100. Total funding raised: $85M. Latest round: Venture - Series Unknown. Key investors include ["Borderless Capital","Amber Group","Foresight Ventures","SNZ","Waterdrip Capital","FutureMoney","DraperDragon"].

Founded: 2017
Headquarters: Menlo Park, California
Team size: 51-100
Total funding: $85M

Value proposition

To provide a scalable and secure platform that connects billions of real-world devices and their data to the blockchain, enabling developers to build trusted, decentralized applications and unlock the value of machine-driven economies.

Products and solutions

["IoTeX L1 Blockchain: An EVM-compatible, scalable, and secure blockchain at the core of the ecosystem.","W3bstream: A decentralized off-chain compute middleware that processes and verifies real-world data from devices before it reaches the blockchain, ensuring scalability.","DePIN Tools: A suite of products for DePIN projects including liquidity, hardware SDKs, and launch support.","ioPay: The official wallet for the IoTeX ecosystem, available on mobile and desktop.","ioTube: A cross-chain bridge connecting IoTeX with other major blockchain networks like Ethereum, BSC, and Polygon.","ioID: A decentralized identity system for users and their smart devices."]

Unique value

IoTeX's core innovation is its modular architecture specifically designed for DePIN. It uniquely combines a fast, low-cost L1 blockchain with W3bstream, a decentralized off-chain compute infrastructure that handles the immense data from physical devices before committing proofs to the blockchain. This creates a complete, scalable stack for bridging the physical and digital worlds.

Target customer

Developers, startups, and enterprises aiming to build Decentralized Physical Infrastructure Networks (DePIN), as well as applications in the AI and IoT sectors that require verifiable, real-world data.

Industries served

["Decentralized Physical Infrastructure Networks (DePIN)","Artificial Intelligence (AI)","Internet of Things (IoT)","Automotive and Smart Mobility","Smart Cities","Supply Chain and Logistics"]

Technology advantage

The primary technological advantage is W3bstream, which makes processing real-world data for dApps economically feasible and highly scalable. This focus on DePIN provides a significant first-mover advantage in a rapidly growing sector. Their business advantage is further strengthened by providing a full suite of tools and an accelerator program to attract and support new projects, fostering a robust ecosystem.

How they differentiate

IoTeX differentiates itself by focusing on the DePIN (Decentralized Physical Infrastructure Networks) sector, providing a modular architecture that allows developers to connect real-world data from smart devices to the blockchain. Its W3bstream middleware is designed to handle the computation and verification of this off-chain data, making it usable on-chain. This focus on a specific niche within the broader IoT and blockchain space, combined with its EVM compatibility, allows for easier integration for developers familiar with Ethereum.

Main competitors

["IOTA","VeChain","Chainlink"]

Key partnerships

["Google Cloud: For scalable and secure cloud infrastructure.","Streamr: For real-time data broadcasting and monetization in DePIN applications.","Nordic Semiconductor & WISeKey: To integrate secure hardware elements for tamper-proof data collection.","Eliza Labs: To empower autonomous AI agents with access to real-world data through DePINs.","Blockchain Association: As a member, IoTeX collaborates on policy and regulation for the DePIN sector in the US."]

Notable customers

["Google Cloud (for infrastructure)","HealthBlocks (a health-to-earn dApp)","SumoTex (real-world asset tokenization for commercial real estate)"]

Major milestones

["Launch of the Ucam, a CES award-winning blockchain-powered security camera.","Launch of W3bstream, a decentralized middleware for connecting smart devices to smart contracts.","Achieved a market capitalization of over $1 billion in 2021.","Launch of IoTeX 2.0, a major network upgrade to enhance its modular architecture for DePIN.","Established a partnership with Google Cloud to support DePIN projects.","Launched AI Foundry, a decentralized alternative to 'closed AI' to support the development of AI-powered dApps."]

Growth metrics

As of late 2023, the IoTeX network had processed over 46 million transactions and had more than 100,000 active wallets. The ecosystem has grown to include over 130 projects.

Market positioning

IoTeX is positioning itself as a leading platform for DePIN and the machine economy. It aims to be the foundational layer for applications that require verifiable, real-world data from connected devices. By launching initiatives like the AI Foundry, it is also expanding its focus to support the development of decentralized AI, further solidifying its position in the intersection of IoT, blockchain, and AI.

Geographic focus

While IoTeX is a global project, it has a significant presence and focus on the Asian market, particularly with investors and partners from the region. However, its operations and community are distributed globally, with a strong presence in North America and Europe as well.

Patents and IP

Information on specific patents is not publicly detailed. The company's intellectual property is primarily embodied in its open-source protocols, proprietary architecture like W3bstream, and its growing ecosystem of integrated projects.

About Raullen Chai

Co-founder of IoTeX and MachineFi Lab. Previously served as the Head of Crypto R&D at Uber and as a Security Engineer at Google. Holds a Ph.D. in Electrical and Computer Engineering from the University of Waterloo.

Official website: https://iotex.io/