Web3 and Blockchain Investments: July 2024
Date: 2024-08-05 Author: Henry Casey Categories: BLOCKCHAIN
Web3 and blockchain projects attracted significant investments in July 2024, totaling $1.17 billion. The month was a significant milestone for the sector, attracting investors’ attention to various promising areas.
Major Funding Recipients
The largest recipient of investment in July was Australian bitcoin miner Iris Energy, which raised $413.4 million. Between May 15 and June 28, 2024, the company sold 39.8 million shares, allowing it to reach a hash rate of 30 EH/s and use the capital to scale and monetize its energy.
The next companies to receive funding are:
- Alps Blockchain – $113 million. The company, which specializes in producing computing power for digital mining, intends to use the new capital for product development and international expansion.
- Sentient – $85 million. The AI company raised funds in a seed round led by Pantera Capital and Founders Fund. The project plans to launch its testnet on Polygon in Q3 2024.
- Partior – $60 million. A Singapore-based blockchain company focused on international remittances received capital in a Series B round.
- Ceti – $60 million. A startup focused on decentralized AI infrastructure received investment from BCII to further its mission.
Tech Ideas and Breakthroughs
Projects in the field of artificial intelligence also attracted significant funding. The top 5 startups in this space include:
- Skild AI – $300 million. A startup aiming to revolutionize robotics with an advanced AI model.
- Altana AI – $200 million. A project providing transparency in the service delivery sector.
- Osapiens – $120 million. A provider of SaaS solutions for AI-powered reporting.
- Legal AI – $100 million. A legal AI startup.
- Contextual AI – $80 million. A startup developing a tool to improve the performance of AI models.
Investment Dynamics by Week
The largest amount of investments, amounting to $620.5 million, was attracted in the first week of July, when the Iris Energy project became the leader in terms of amount. The following weeks also saw a significant increase in investment activity:
- July 6-13: 15 projects attracted $108.6 million. The leaders are Partior and Rome Protocol.
- July 13-20: 22 projects raised $82.6 million. Allium and Chainbase received the most funding.
- July 20-27: 32 projects raised $190.46 million. Ceti was the leader.
- July 28-31: 15 projects raised $175.5 million, including Alps Blockchain and Layer2 Financial.
Some projects raised funding without disclosing the amount of investment. Among them: Solayer, XYRO, Akedo Games, RateX, Privy, and others. In addition, several startups, such as BlonkFi and Particle Network, also completed funding rounds without disclosing details.
Leading Investors and Segments
According to CryptoRank, CMS Holdings was the most active investor in July, investing in seven startups. The investors focused on the DeFi and blockchain services development sectors, reflecting the ongoing interest in these areas.
July 2024 has been an important month for blockchain projects and Web3 startups, attracting significant investment and attention to promising technologies. The diversity of projects and innovative ideas supported by venture funds indicate a growing interest in the development of decentralized technologies and artificial intelligence. These investments not only contribute to the development of current projects, but also create the basis for future breakthroughs in various sectors of the economy.
