Boston, USA-based computing company that develops Bitcoin-centric tools, Foundation Devices, closed its seed funding at USD 7 million. The company announced the closure on December 19, 2022. Polychain Capital led the financing for the firm. Meanwhile, Greenfield Capital, Lightning Ventures, Third Prime, Warburg Serres, Unpopular Ventures, and Bolt joined in the funding.

Purpose of financing for Foundation Devices

With the latest financing from the seed round, the company intends to continue expanding its engineering and design teams.

Besides, Foundation Devices seeks to build sovereignty products with a short-term focus on software services.

What the co-founder has to say

Zach Herbert, Co-Founder and CEO of Foundation Devices, said, “Preserving freedom and privacy is more important than ever amidst worldwide censorship, privacy violations, and reckless financial and monetary policies. As the line between the physical and digital world continues to blur, we are excited to continue delivering decentralised products that usher in a new era of freedom and prosperity for users across the globe. This seed round marks just the beginning of our journey to build the world’s first sovereign computing platform.”

What the investors have to say

Olaf Carlson-Wee, Founder and CEO of Polychain Capital, further commented, “The Foundation team has been creating gorgeous, incredibly secure, yet easy to use products that further an individual’s ability to self-custody crypto assets. We are incredibly excited to support them on the next phase of their vision to empower self-sovereign individuals through decentralized technologies.”

In addition, Gleb Dudka, Principal at Greenfield Capital, said, “By building products that lower the barrier to becoming a sovereign individual, more people will confidently reclaim control of their money and data. We are proud to be a small part of what the incredible team at Foundation is building.”

Besides, Tyler Mincey, Foundation board member and Partner at Bolt, said, “The rave reviews that Foundation’s Passport has garnered already is indicative of the demand for sovereignty and freedom in this new era. This is a giant step in the right direction, both for self-custody and digital sovereignty, which is one of the many reasons we are excited to continue supporting the Foundation team through this fundraise.”

About the company 

Zach Herbert launched the company in 2020. It builds products that make Bitcoin and decentralised technologies accessible to everyone, enabling users to reclaim their digital sovereignty. Foundation’s open-source offerings include products such as Passport, a best-in-class Bitcoin hardware wallet, and Envoy, a mobile app.

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Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.


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