Samsung Next, a subsidiary of Samsung Electronics, has invested in the DePIN player Roam, although the exact amount remains undisclosed. This investment aims to support Roam in establishing a global network of WiFi roaming nodes.
Roam, operated by MetaBlox, is focused on building a decentralised WiFi (DeWi) ecosystem.
#Roam X @SamsungNext 🤝
As the latest investment unfolds, Samsung Next’s support for Roam promises a bright future ahead.
Here’s what you want to know about this investment 👇 pic.twitter.com/Fu7SmL5fFJ
— Roam by MetaBlox (@metablox) April 22, 2024
Last year, Samsung Next participated in a strategic financing round for Roam, raising $5 million. The recent cash injection from the Samsung affiliate, however, hasn’t been disclosed.
Samsung Next, known for its venture capital activities in various sectors including AI, Internet-of-Things, crypto, and blockchain, has a presence in the United States and has previously invested in overseas crypto projects like FTX. It also has a track record of backing crypto and blockchain startups, including Sky Mavis, the creators of Axie Infinity, and web3 developer platform Alchemy.
Roam expressed gratitude for Samsung Next’s support, stating it reflects a strong belief in Roam’s potential and innovation in fostering blockchain development.
Today, we’re announcing our $11 million in Series A funding from investors like @streamlinedvc , @ycombinator, @SamsungNext , @alumniventures, and @DispersionVC . But for us, it’s not just a milestone. pic.twitter.com/dihGk3FC8F
— Davit (@DBuniatyan) March 26, 2024
DePIN projects like Roam aim to develop blockchain-powered management systems for real-world physical infrastructure such as computing power, WiFi networks, and data marketplaces. These projects typically utilise decentralised applications and digital coins to incentivize service providers.
Roam intends to leverage Samsung Next’s backing to integrate the latest technologies and protocols, expand its user base to both traditional Web2 and Web3 users, and achieve its mission of democratising internet access globally, emphasising user-centricity, security, and transparency. Other investors in Roam include crypto and blockchain-focused firms like Volt Capital and Comma3 Ventures.