Decentralized Communication Platform Satellite IM Finalizes $10.5M Round

Satellite IM, a fully decentralized peer-to-peer communications platform, has successfully closed $10.5 million in its seed funding round “led by Multicoin Venture Fund and Framework Ventures.”

The investment round also “saw participation from prominent institutional venture investors including Hashed Venture Fund, IDEO CoLab, Solana Ventures, and Pioneer Square Ventures Fund, among others.”

Satellite IM claims it is “a first-of-its-kind Web3 communications platform with private messaging. Satellite IM is built as an EVM-compatible evolving protocol for simple sovereign storage and peer-to-peer communication, leveraging the interplanetary filesystem (IPFS).”

The platform “allows users to sign, encrypt, broadcast, search, and store documents or messages with decentralized identifiers (DIDs), all while making the need for an existing wallet or on-chain data completely optional.”

Satellite IM has “architected its platform in a developer friendly modular framework that enables users to build easily on top of the open-source platform, integrating multiple layer 1 blockchains.’

Matthew Wisniewski, Co-Founder and CEO of Satellite IM, said:

“Distributed network technology enables a new era in high fidelity audio and video experience. In tandem with our world class investors and partners, we are at the forefront of user-owned, secure communications. Our peer-to-peer infrastructure and open-source network unlocks unlimited community development opportunities.”

Kyle Samani, Managing Partner at Multicoin Capital, said:

“Discord is trying to serve too many different types of communities with diverse sets of needs. Satellite is going to serve crypto communities by offering best in class crypto-native features, along a credibly-neutral, decentralized back end,”

Vance Spencer, Co-Founder of Framework Ventures, said:

“We are excited to see Satellite pushing the boundaries of what is possible in the social crypto space. We’ve been waiting for someone to build decentralized discord for a long time, and we think Satellite will be able to do it.”

Satellite IM’s initial early access launch on its core desktop protocol is “scheduled for Summer of 2022, with a mobile native application launching in the Fall of 2022.”

Sponsored Links by DQ Promote



Send this to a friend