Andrena Secures $18 Million for Solana-Based Decentralized Internet Protocol DAWN
Andrena, a developer of decentralized physical infrastructure network (DePIN) protocols, has successfully raised $18 million in a Series A extension funding round. The investment, led by Dragonfly, will support the development of DAWN (decentralized autonomous wireless network), a Solana-based protocol designed to offer decentralized internet services.
The funding round, which was structured as a simple agreement for future equity (SAFE) with token warrants, attracted participation from notable investors including CMT Digital, Castle Island Ventures, Wintermute Ventures, 6th Man Ventures, and ParaFi. According to Andrena co-founder Neil Chatterjee, the round was significantly oversubscribed, with the company initially targeting $5 million but ultimately raising more in tranches earlier this year.
DAWN, which has been in development since fall 2023, aims to revolutionize internet provision by enabling consumers to own and generate their own internet service, similar to how solar panels allow individuals to generate electricity. The protocol incorporates a "proof of backhaul" algorithm developed by Princeton University professor Pramod Viswanath, ensuring that each node has a functional connection to the broader internet.
Andrena, founded in 2016, has been providing internet services since 2019 across 10 U.S. states using wireless equipment installed on hundreds of rooftops. The company plans to gradually migrate its existing customers and revenues on-chain following the launch of DAWN. The protocol will allow users to purchase its native token through a mobile app, which can then be used to buy internet bandwidth from the community.
At launch, DAWN's wireless network is expected to cover over 3 million households in the U.S., with plans for global expansion to Asia, Europe, and Latin America. The protocol will reward users for staying connected, referring others, and participating as validators, with each 24-hour connected period eligible for 1,440 reward points.
Currently operating on a testnet, DAWN's mainnet and token launch dates have not been disclosed. The project aims to address issues of internet accessibility and affordability, with Andrena noting that 52% of Americans have only one option for a high-speed internet provider. By decentralizing internet provision, DAWN seeks to empower users to operate as network hosts and own their gigabit internet infrastructure.
