Andrena’s Funding Round

Andrena, the developer of a Solana-based decentralized physical infrastructure network (DePIN) protocol, focused on decentralized internet services, has raised $18 million in a funding round led by Dragonfly.

Investment Details

Other investors in this Series A extension round include CMT Digital, Castle Island Ventures, Wintermute Ventures, 6th Man Ventures, and ParaFi. Andrena co-founder Neil Chatterjee stated that the round was significantly oversubscribed, originally targeting $5 million but ultimately raising more to facilitate the token generation event (TGE). This round brings Andrena’s total funding to $38 million, following a $15 million Series A round last year.

DAWN Development

Andrena is developing DAWN (Decentralized Autonomous Wireless Network), a DePIN protocol on Solana that seeks to provide decentralized internet services. Chatterjee compares DAWN’s impact on the internet to solar panels’ effect on electricity, allowing consumers to generate and share their own internet connections.

The project involves collaboration withPramod Viswanath from Princeton University, who developed the key ‘proof of backhaul’ algorithm to ensure node connectivity to the internet.

Existing Operations

Founded in 2016, Andrena has offered internet services in ten U.S. states since 2019, using wireless equipment on rooftops and plans to gradually migrate existing customer revenues on-chain after the token launch.

How DAWN Works

Users can buy DAWN’s native token via a mobile app to purchase internet bandwidth. The app connects to home hardware devices, sharing internet access and rewarding users for participation, referrals, and consistent connectivity. Initially, DAWN’s network will cover over 3 million U.S. households, with aspirations for global expansion. DAWN is currently in testnet and will launch on Solana, though Chatterjee has not shared timelines for the mainnet and token launch.

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