The Samsung subsidiary Samsung Next, an affiliate of Samsung Electronics, has made an undisclosed investment in the DePIN player Roam.
Per the South Korean media outlet Global Economic, the money will help Roam build a network of global WiFi roaming nodes.
The firm, operated by MetaBlox, is also building a DeWi (decentralized WiFi) ecosystem.
#Roam X @SamsungNext
As the latest investment unfolds, Samsung Next’s support for Roam promises a bright future ahead.
Here’s what you want to know about this investment pic.twitter.com/Fu7SmL5fFJ
— Roam by MetaBlox (@metablox) April 22, 2024
Samsung Subsidiary Makes Second Roam Investment
Samsung Next is a Samsung Electronics venture capital arm. It focuses on investment in sectors including AI, the Internet-of-Things, crypto, and blockchain.
The firm has a presence in the United States, and has previously invested in overseas crypto projects – including FTX.
Late last year, Samsung Next joined a Roam strategic financing round that raised $5 million. Neither party disclosed the size of the Samsung affiliate’s latest cash injection.
Samsung Next has previously backed crypto and blockchain startups. Its previous moves include a 2021 investment in Sky Mavis, the Vietnam-based firm behind the blockchain gaming title Axie Infinity.
The South Korea-based firm has also backed the web3 developer platform Alchemy, as well as the now-defunct NFT player Nifty’s.
Today, we’re announcing our $11 million in Series A funding from investors like @streamlinedvc , @ycombinator, @SamsungNext , @alumniventures, and @DispersionVC . But for us, it’s not just a milestone. pic.twitter.com/dihGk3FC8F
— Davit (@DBuniatyan) March 26, 2024
Roam said that Samsung Next “has shown a deep commitment to fostering blockchain innovation.”
The DePIN player said the fact that it had received Samsung Next backing proved “a distinct preference for Roam’s potential and innovation.”
What Is DePIN?
DePIN, short for Decentralized Physical Infrastructure Networks, refers to projects that develop blockchain-powered management systems for real-world “physical infrastructure.”
This can include computing power, WiFi networks, and data marketplaces. Projects typically use decentralized applications that use digital coins to incentivize service providers.
On X (formerly Twitter), Roam wrote that the investment would “contribute to enhancing Roam” by “integrating the latest technologies and protocols, and expanding its user base to traditional Web2 and Web3 users.” The company added:
“With Samsung Next’s backing, Roam is poised to accomplish its mission of bringing decentralized internet access to users worldwide – making it more user-centric, secure, and transparent.”
Other Roam backers include the likes of crypto and blockchain investors Volt Capital and Comma3 Ventures.
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