Kandola Blockchain raises $450,000 in a pre-seed round

Sandeep Nailwal, Harsh Rawat, and Arcanum Capital have made investments to help the firm expand its employees and consolidate its underlying technology.

Kandola, a blockchain business, revealed that it had raised $450,000 in a pre-seed round, investors including AlphaWave Global, Sandeep Nailwal (founder of Polygon), and Harsh Rawat (EPNS). Arcanum Capital, a seed-stage VC firm focused on investments in decentralized protocols and applications for the global blockchain ecosystem, participated in the funding round.

The cash from this round will be used to establish underlying technologies through research and development and expand the staff according to the start-up.

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“With enormous belief in the fast increasing Web3 community, we expect to recruit aspiring talent who will help us create Kandola from the ground up,” stated Siddharth Banerjee, Kandola’s CEO. We are on the verge of a paradigm revolution. The owner’s ownership and monetization of data is both clear and ambitious; any company that works to make this a reality will be a part of an ongoing meta revolution.”

“Kandola is constructing an IoT3 Network that will execute real-time transactions and finality at unprecedented scale for all non-DeFi business domains on Web3,” said Ragul Kumar, chief technology officer. To join this decentralized network, we give all actors easy tools and mechanisms. We will bring this value to IoT devices, manufacturers, and consumers as proof of our vision. We intend to replicate our success in any industry without trust in what is created, processed, and supplied to customers. We anticipate a continuous power shift from centralized corporations to the genuine owners, the value creators, once the system is in motion.”

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Tushar Behl of AlphaWave Global commented on the funding, saying, “We are ecstatic to be working with Sid and his Kandola team. We believe in the permaweb’s and decentralized infrastructure’s power. Kandola stands a good chance of constructing a key infrastructure component for one of the world’s largest TAMs!”

“The Kandola team has a wealth of expertise and experience from the Web 2.0 IoT sector and, in our opinion, has selected the appropriate time to innovate by adding Web 3.0 technologies to IoT,” stated James McDowall of Arcanum Capital. Arcanum Capital believes Kandola will become a leader in the field because it already has a client base and a clear perspective of where the industry is going.”