Huddle01, a US and India-based company that is building the world’s first decentralized real-time communication (dRTC) network, has raised $2.8 million in a Seed Funding Round led by Hivemind Capital Partners, the leading digital asset investment firm. This brings the company’s total raised funds to $4.5 million to date.
The latest funding round also attracted investment from Superscrypt, M31 Capital, Protocol Labs, East Ventures, Longhash Ventures, Good News Ventures, and notable angel investors including Balaji Srinivasan, Stani Kulechov, Dan Romero, and Juan Benet, among others.
Huddle01 is changing the game in audio and video communication by utilizing blockchain technology to make it faster, more affordable, and more accessible than ever.
To achieve this, the company has adopted a three-pronged strategy to enhance audio and video communication’s efficiency, reliability, and security. This includes a video conferencing platform, audio and video infrastructure, and a dRTC network.
“We need a self-sovereign decentralized real-time communication network with an incentive mechanism. To achieve that, we need to move away from client-server architecture to crypto-economic-based node-to-node architecture,” states Huddle01 Co-founder and CTO, Susmit Lavania.
The video meeting platform has already hosted more than a million minutes of meetings, and the infrastructure has seen over 100 projects built on top of it, the company told AlexaBlockchain.
The dRTC network will eliminate the requirement for centralized servers for real-time communication. With the fresh round of funding, Huddle01 aims to expand its ecosystem to accommodate thousands of applications and launch its node network to enable communication on a massive scale.
Huddle01 intends to use its demand-first strategy to encourage the launch of its network, making it self-sufficient and self-propelling, with improved performance, privacy, and cost-effectiveness than centralized competitors. Additionally, the company plans to introduce grant programs to assist developers in creating innovative applications on Huddle01’s infrastructure, thereby expanding their global network.
Furthermore, Huddle01 plans to strongly enter the social, gaming, metaverse, and video commerce industry, promoting bottom-up adoption.
The company is confidant that decentralized real-time communication can boost performance, lower costs, and enhance interaction security, disrupting centralized communication infrastructure in crucial sectors such as live video commerce, social media, gaming, education, and metaverse.
Lee Smallwood, Managing Partner at Hivemind, said: “Huddle01 is at the forefront of the video and audio communication industry, leveraging blockchain technology to make communication faster, cheaper, and more accessible than ever.”