Stake Technologies Inc., an infrastructure provider for decentralized applications and Web 3.0 protocols, has raised $10 million in strategic investments to help build out the Polkadot and Kusama ecosystems through its wholly-owned Plasm and Shiden networks.
The funds will be immediately deployed to help Stake Technologies complete a successful Parachain Lease Offering, or PLO, both on Kusama and Polkadot, the company announced Friday. The Kusama PLO will be conducted through the Shiden Network parachain, while Plasm Network will be dedicated to Polkadot.
Stake Technologies has adopted a “crowdloan-centric strategy” for securing the Shiden parachain lease, which refers to one of two primary approaches for securing a parachain slot – the other being direct sales.
The investment round was led by venture capital firm Fenbushi Capital, with participation from Hypersphere Ventures, Gumi Cryptos, IOSG Ventures, TRG Capital, AU21 Capital and others. Nobuyuki Idei, the ex-CEO and chairman of Sony, also participated as an angel investor.
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