IoTeX is a Layer-1 blockchain company founded in 2017 and headquartered in the United States. The project started with a focus on connecting Internet of Things (IoT) devices to blockchain infrastructure, and has since become one of the leading platforms in the DePIN (Decentralized Physical Infrastructure Networks) category. IoTeX acts both as a protocol operator and as a strategic corporate investor, deploying capital into projects that build on or complement its ecosystem.
The company raised approximately $14 million through a token sale in 2018. It has since grown its ecosystem through a combination of grants, ecosystem fund investments, and co-development partnerships. IoTeX's investment activity is tightly scoped: the company backs early-stage projects focused on device connectivity, real-world data monetization, and decentralized infrastructure – areas where it can offer technical integration, not just capital.
Public information about total assets under management is limited. IoTeX has not disclosed a formal fund size, and its investment activity appears to run through an internal ecosystem fund rather than a registered vehicle.
Notable investments
- Pebble Tracker – IoTeX developed and backed this GPS and environmental sensor device, one of the first consumer-grade hardware products designed for blockchain data verification.
- MachineFi Lab – An IoTeX-incubated venture focused on machine-backed finance and DePIN application infrastructure.
- Streamr – A decentralized data marketplace; IoTeX has cited Streamr as a complementary infrastructure layer for real-world data streams.
- W3bstream – An off-chain computing layer developed within the IoTeX ecosystem to process data from connected devices before committing proofs on-chain.
- Additional portfolio companies have been supported through the IoTeX Ecosystem Fund, though individual deal sizes are not publicly disclosed.
Team
IoTeX was co-founded by four engineers with backgrounds in distributed systems and cryptography. Raullen Chai (CEO) previously worked at Google and Uber, focusing on security and infrastructure. Xinxin Fan (Head of Cryptography) holds a PhD and has published academic work on lightweight cryptography for IoT devices. Qevan Guo (co-founder) has a background in machine learning and previously worked at Facebook. Jing Sun (co-founder) is also a managing partner at Sparkland Capital, a venture fund that has invested independently in blockchain projects – though Sparkland operates separately from IoTeX's corporate investment activity.
Recent activity
Between 2024 and early 2026, IoTeX has accelerated its push into the DePIN narrative, which gained significant mainstream crypto attention during the 2024 bull cycle. The team rebranded several internal products, expanded the W3bstream off-chain compute layer, and launched the DePIN Hub – a directory and launchpad for physical infrastructure projects. IoTeX also joined the DePIN Alliance alongside Helium, Hivemapper, and other protocol teams.
The company has focused on growing its IOTX token ecosystem and attracting hardware manufacturers to build verified data pipelines on its chain. Strategic co-investments with other DePIN-aligned funds have been reported, though specific deal terms remain private.
IoTeX occupies a distinct position: part protocol, part product studio, part ecosystem investor. Its corporate investment thesis is narrow by design – only projects where device data, proof-of-location, or machine economy mechanics are central. Teams looking for generalist Web3 capital will find a poor fit here. Teams building physical hardware or sensor networks that need blockchain settlement infrastructure may find IoTeX a genuinely strategic backer. Public information on portfolio performance and exits is limited, as no portfolio company has reached a notable liquidity event to date.
