• Foundation Devices has raised $7 million in a seed round, led by Polychain Capital and with participation from other investors such as Greenfield Capital and Lightning Ventures.
• The company has released their flagship product Passport and a new mobile app Envoy, which offers maximum privacy using the Tor network.
• CEO Zach Herbert of Foundation Devices stated that preserving freedom and privacy is more important than ever in today’s world.
Foundation Devices, a tech startup founded in April of 2020, has announced the successful completion of a seed round, raising a total of $7 million. This round was led by Polychain Capital, with participating investors Third Prime, Warburg Serres, Unpopular Ventures, Bolt, Greenfield Capital and Lightning Ventures. Bolt had previously led a successful seed round for Foundation Devices, amounting to $2 million, just a month after the launch of their original flagship product, the Passport.
Since then, the company has released an updated version of the Passport, which has gained traction and adoption among consumers, with thousands of Passports sold over the last 18 months. Foundation Devices has also released a new mobile app called “Envoy”, with the aim of providing users a sovereignty toolkit with a Bitcoin software wallet. According to the company, Envoy “offers the easiest onboarding and user experience of any Bitcoin wallet, with maximum privacy using the Tor network, a free and open-source software for enabling anonymous communication.”
In a comment on the raise, Polychain Capital Founder and CEO Olaf Carlson-Wee expressed his enthusiasm, saying, “We are incredibly excited to support them on the next phase of their vision to empower self-sovereign individuals through decentralized technologies.” Reinforcing the company’s focus on privacy and sovereignty, Foundation Devices CEO Zach Herbert stated that “Preserving freedom and privacy is more important than ever amidst worldwide censorship, privacy violations, and reckless financial and monetary policies.”
Foundation Devices is looking to the future, with the new seed funding allowing them to further pursue their mission of upholding privacy and freedom for individuals, and to further develop their technologies to make the decentralized world more accessible. With the current state of societal systems in the world, Foundation Devices is well-poised to make a significant impact on the future of technology and finance.