peaq announced raising €750k from angel investors.

peaq, a Berlin, Germany-based startup working for the development of a blockchain platform infrastructure, announced completing a funding round of €750k ($882k).

The money was raised from local angel investors, including Werner Geissler, Michael Ganser, Xavier Sarras, Friedrich Neuman, and Steffen Seifarth.

peaq founded in 2017 by Julia Pönitzsch, Leonard Dorlöchter, Max Thake, Pavel Fomenko and CEO Till Wendler, developed what they call the DAGchain technology, aiming to solve existing blockchain problems by combining blockchain and DAG technology. The tech enables high performance, with high security and decentralized operation without the need for high energy consumption and meets all industry standards and requirements, such as the possibility to use conventional programming languages and compliance with data protection laws.

The DAGchain technology's business case is in the automotive industry, as the company has ongoing collaborations with partners from the field.