[Funding alert] Blockchain startup Kandola secures $450K in pre-seed round led by AlphaWave Global

Blockchain startup Kandola announced that it secured $450,000 in a pre-seed round. The funds raised in this round will be utilised to expand the team and develop a wide range of technologies.

The pre-seed round was led by AlphaWave Global, along with Sandeep Nailwal, Co-founder of Polygon; and Harsh Rajat Founder of Ethereum Push Notification Service (EPNS). Venture capital firm Arcanum Capital also participated in the round.

The startup was founded by Siddharth Banerjee, Krithika Radhakrishnan, and Sriram Padmanabhan with the aim of building a strong blockchain community.

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Siddharth Banerjee, CEO of Kandola, said, “With immense belief in the rapidly growing Web3 community, we hope to attract aspiring talent who will help us build Kandola from the ground-up."

"We are already on course for a paradigm shift. Data being controlled and monetised by the owner is obvious and yet ambitious; any company working towards making this possible will be a part of an ongoing meta revolution,” he added.

Tushar Behl from AlphaWave Global said, "We are extremely excited to partner with Sid and his team at Kandola. We are big believers in the power of permaweb and decentralised infrastructure. At the same time, IoT (internet of things) and smart devices have taken over our world. Kandola has a real shot at building a critical piece of that infrastructure for one of the largest TAMs (technology acceptance model) in human history."

The firm is also building an IoT platform powered by people. In the next six months, the Bengaluru-based startup plans to launch TestNet, a test network to test new features or test Dapps (decentralised applications).