Sun. Apr 21st, 2024

• Foundation Devices recently concluded a seed round of $7 million, led by Polychain Capital.
• The company has released the second edition of its flagship product, the Passport, and also its new mobile app, Envoy.
• The company is focused on preserving freedom and privacy for users through decentralized technologies.

Foundation Devices recently announced the successful completion of a seed round of $7 million, led by Polychain Capital. Investor participation also included new additions Greenfield Capital and Lightning Ventures, alongside previous investors Third Prime, Warburg Serres, Unpopular Ventures and Bolt. The company, which launched in April of 2020, has seen considerable success in the 18 months since its launch, selling thousands of its flagship product, the Passport. To meet consumer demand, the company released the second edition of the Passport and also debuted its new mobile app, Envoy.

Envoy offers users a standalone sovereignty toolkit complete with a Bitcoin software wallet and the easiest onboarding and user experience of any Bitcoin wallet. Additionally, Envoy utilizes the Tor network, a free and open-source software for enabling anonymous communication, to ensure maximum privacy for users. The company is focused on protecting user’s freedom and privacy, with CEO Zach Herbert stating that “Preserving freedom and privacy is more important than ever amidst worldwide censorship, privacy violations, and reckless financial and monetary policies.”

The seed round was met with enthusiasm from investors, with Polychain Capital Founder and CEO Olaf Carlson-Wee commenting that “We are incredibly excited to support them on the next phase of their vision to empower self-sovereign individuals through decentralized technologies.” Foundation Devices is continuing to expand its offerings to meet the growing demand for decentralized technology, aiming to offer users the freedom and privacy to control their own data and finances.

By admin