Satellite IM Raises $10.5M for Blockchain-Based Messaging Platform

Announcements, Blockchain, Investing, News | August 15, 2022 By:

Satellite IM, a novel blockchain-based messaging platform, has announced a successful $10.5 million seed funding round led by Multicoin Venture Fund and Framework Ventures. Prominent institutional venture investors, including Hashed Venture Fund, IDEO CoLab, Solana Ventures, and Pioneer Square Ventures Fund, among others, also participated in the round.

Amidst ongoing data abuses by big tech companies, and with the lack of a strong federal data privacy law, Satellite IM is taking the important step of returning data privacy to users. Unlike popular instant messaging apps like Facebook Messenger and Google Chat that store and track user data, Satellite IM allows for people to communicate, share assets, and send money, all in an offline, serverless and encrypted way.

Satellite IM is a first-of-its-kind Web3 communications platform with private messaging. Satellite IM is built as an EVM-compatible evolving protocol for simple sovereign storage and peer-to-peer communication, leveraging the interplanetary filesystem (IPFS). The platform allows users to sign, encrypt, broadcast, search, and store documents or messages with decentralized identifiers (DIDs), all while making the need for an existing wallet or on-chain data completely optional.

Satellite IM’s platform was designed with a developer-friendly modular framework, allowing users to quickly add new features and integrate several layer one blockchains on top of the open-source foundation.

“Distributed network technology enables a new era in high fidelity audio and video experience,” said Matthew Wisniewski, Co-Founder and CEO of Satellite IM. “In tandem with our world class investors and partners, we are at the forefront of user-owned, secure communications. Our peer-to-peer infrastructure and open-source network unlocks unlimited community development opportunities.”

“Discord is trying to serve too many different types of communities with diverse sets of needs. Satellite is going to serve crypto communities by offering best in class crypto-native features, along a credibly-neutral, decentralized back end,” said Kyle Samani, Managing Partner at Multicoin Capital.

The initial early access launch of Satellite IM’s core desktop protocol is planned for the summer of 2022, and the company will release a native mobile version the following fall.