• Foundation Devices has raised $7 million in a seed round of funding, led by Polychain Capital.
• The company has released two versions of their flagship product, the Passport, and is now focused on their new mobile app, Envoy.
• Envoy is designed to be a privacy-focused toolkit, offering users a Bitcoin software wallet and access to the Tor network.
Foundation Devices, a company dedicated to empowering self-sovereign individuals through decentralized technologies, has recently announced the successful completion of their seed round, raising $7 million. The round was led by Polychain Capital, with other investors including Greenfield Capital, Lightning Ventures, Third Prime, Warburg Serres, Unpopular Ventures, and Bolt.
Founded in April 2020, Foundation Devices has already released two versions of their flagship product, the Passport. This device is designed to provide a secure and private digital identity, offering users a range of features such as secure data storage, web3 access, and identity protocol support. In the 18 months since the launch of the Passport, thousands of units have been sold, proving the success of the product.
The company is now focused on their new mobile app, Envoy. This app is designed to serve as a standalone sovereignty toolkit, with a Bitcoin software wallet and access to the Tor network. Envoy is intended to make it easier than ever for users to take control of their online identities and protect their privacy, with maximum privacy ensured using the Tor network.
Commenting on the raise, Polychain Capital Founder and CEO Olaf Carlson-Wee stated 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 CEO Zach Herbert echoed this, noting that, “Preserving freedom and privacy is more important than ever amidst worldwide censorship, privacy violations, and reckless financial and monetary policies.”
Ultimately, Foundation Devices’ seed round success is a testament to the company’s commitment to providing individuals with the tools they need to take control of their digital identities and protect their privacy. With the funds raised, the company can continue to work towards its vision of empowering self-sovereign individuals through decentralized technologies.