Teneo Protocol, a decentralized physical infrastructure network (DePIN) dedicated to democratizing access to social media data, has raised $3 million in seed funding. The round was led by venture capital firms RockawayX and Borderless, with further support from Generative Ventures and other investors. The funding will enable Teneo to achieve its mission of revolutionizing the data economy by enabling users to unlock and monetize public social media data. With a very fast-growing international network, already having several million members, the company is on the verge of speeding up its influence.
Social media platforms create enormous amounts of data, which are of incredible value to businesses and scientists. Yet, buying and using this data for the development of AI is becoming more and more difficult. Several platforms, including Reddit, once a critical resource for AI training, now collect fees from companies, according to the Wall Street Journal. Such limited data environments, sometimes described as “walled gardens,” are hindrances to AI innovation and restrain its revolutionary capabilities across sectors.
By leveraging peaq, a layer-1 blockchain designed for the Machine Economy, it is opening up social media data access for both Web3 and Web2 developers through community participation. With the Teneo Community Node, a Web3 browser extension, users are able to add to a decentralized data network through the gathering of public posts on sites like X (previously Twitter) and Reddit.
As a reward, users receive Teneo Points, which will subsequently be exchangeable for Teneo Tokens when the network’s native token is launched. This decentralized data-sharing paradigm opens up new possibilities for AI innovation, finance, marketing, and other sectors that depend on real-time social intelligence.
“This seed funding marks a major milestone for Teneo and highlights the strength of our mission-to return data ownership to the people,” said Leroy Hofer, CEO & Co-Founder of Teneo Protocol.
“With the backing of our incredible investors, we are committed to enhancing the Teneo Community Node, making it easier for users to unlock public social media data and receive rewards for their contributions. This is just the beginning, and I’m excited to see what we will build together.”
The Teneo Community Node initiative has already picked up incredible momentum, with over 3.9 million users in 191 countries installing the extension. More than 1.1 million users have also linked their digital wallets to the platform, which highlights the immense level of interest and engagement in its decentralized data economy.
Expressing enthusiasm for the investment, Marek Sandrik, Partner at RockawayX, stated:
“We are thrilled to support Teneo in their vision to give people control over their data. By mobilizing an existing social media user base into a decentralized network, Teneo significantly reduces the costs of accessing social media data, enabling previously unattainable applications in AI, finance, and marketing. We’re eager to see what groundbreaking innovations emerge from this ecosystem.”
Álvaro Gracia, DePIN Partner at Borderless, highlighted the firm’s strategic appeal, stating:
“Our investment in Teneo demonstrates our belief in the intersection of DePIN, the data economy, and scalable decentralized solutions. It has the potential to be a leader in the future of data-driven innovation.”
Lex Sokolin, Partner at Generative Ventures, highlighted the broader impact of Teneo’s mission:
“DePIN represents the next foundational growth sector in Web3. Its approach to unlocking the value of social media data at an unprecedented scale aligns perfectly with the rise of AI and community-driven financial models. We are excited to support the Teneo team and its growing user base as they explore these emerging economic opportunities.”
About Teneo Protocol:
Teneo Protocol is dedicated to decentralizing data ownership and ensuring individuals are rewarded for the value they contribute. Through its Nodes, the company empowers users to unlock public social media data while maintaining privacy and security. With a global user base exceeding 3.9 million and handling over 15 million daily data transfers, Teneo is reshaping how data is accessed, shared, and valued in the digital economy.
For more insights and updates on Metaverse, DeFi, Blockchain, NFT & Web3, be sure to subscribe to our newsletter. Stay informed on the latest trends and developments in the decentralized world!
