Kandola Blockchain Startup Raises $450,000 Investment

Kandola Blockchain startup revealed on Monday that it has secured $450,000 in a pre-seed round from AlphaWave Global, Sandeep Nailwal, and Harsh Rawat among others. Arcanum Capital was also a participant in the investment round. The money will be used to consolidate underlying technologies through research and development, as well as to grow the staff.

“Kandola is constructing an IoT3 Network for all non-DeFi business domains on Web3 that will execute real-time transactions and finality at an unprecedented scale. As proof of our vision, we will bring this value to IoT (Internet of Things) devices, manufacturers, and consumers. We intend to replicate our success in all companies where there is a trust gap between what is generated, processed, and provided to consumers”, said Ragul Kumar who is Kandola’s chief technology officer.

India is expected to become the next major worldwide center for blockchain technology development. According to an article in Analytics Insight, roughly 56 percent of Indian organizations are already embracing blockchain technology and incorporating it into their core operations. Based on the statement released by the firm, blockchain technology & Web 3.0 developments are expected to boost the digital asset economy’s value from $5 billion in 2021 to $262 billion in 11 years, resulting in a $1.1 trillion contribution to India’s GDP.

“The Kandola team has a plethora of Web 2.0-IoT skills and experience, and we believe they have selected the appropriate moment to innovate by bringing Web 3.0 technology to IoT”. “Kandola will become a leader in the space,” said James McDowall, founding partner of Arcanum Capital, “with a pre-existing customer base and a good perspective of where the sector is developing.”

Kandola Network LLC is a blockchain business focusing on IoT, founded by Siddharth Banerjee and co-founders Krithika Radhakrishnan and Sriram Padmanabhan. Kandola’s main goal for this round of investment is to establish a strong community and launch TestNet with its existing partners over the next six months. Kandola plans to use a chip-to-cloud strategy to address the IoT industry’s device security and data privacy challenges.