Andrena, a Solana-based decentralized physical infrastructure network (DePIN) protocol developer, has raised $18 million in a Series A extension funding round led by Dragonfly. Other participants in the round included CMT Digital, Castle Island Ventures, Wintermute Ventures, 6th Man Ventures, and ParaFi, as announced by the company on Wednesday. The funding round, structured as a simple agreement for future equity (SAFE) with token warrants, was significantly oversubscribed. Andrena co-founder Neil Chatterjee revealed that the initial target was $5 million. Still, the team ended up raising more in earlier tranches this year to prepare for a forthcoming token generation event (TGE).
With the completion of this round, Andrena’s total funding now stands at $38 million. The company, which raised $15 million in a Series A round last year, also led by Dragonfly, did not disclose its current valuation or whether any investors have joined its board.
Andrena is developing DAWN (Decentralized Autonomous Wireless Network), a Solana-based DePIN protocol that aims to provide decentralized internet services. According to Chatterjee, DAWN has been under development since last fall and seeks to revolutionize the internet in the same way that solar panels have transformed electricity. The idea is for consumers to own and generate their own internet service, much like how solar panels allow them to produce and sell their electricity back to the grid.
The DAWN protocol implements a “proof of backhaul” mechanism, developed in collaboration with Princeton University professor Pramod Viswanath, to ensure that each node has a functional connection to the broader internet. Viswanath, a core contributor to the open-source AI platform Sentient, developed the algorithm for proof of backhaul, a crucial element in DAWN’s trustless system. Notably, Sentient, which also includes Polygon co-founder Sandeep Nailwal, recently raised $85 million in seed funding.
Founded in 2016, Andrena has been providing internet services since 2019 across ten U.S. states, including New York, New Jersey, Texas, Tennessee, Florida, and Pennsylvania, using wireless equipment installed on hundreds of rooftops. The company plans to gradually migrate its existing customers and revenues on-chain following the upcoming token launch.
