Foundation Devices, a hardware wallet maker, announced that it had raised $7 Million in a seed round, led by Polychain Capital. This included Greenfield Capital, Lightning Ventures and Third Prime. Foundation Devices raised $7 million in a seed round. The money will be used to create more products and expand the engineering and design teams. Foundation Devices is a hardware wallet creator. It combines an intuitive design and extreme security with a mobile-first strategy that uses QR codes. Foundation Devices’ CEO Zach Herbert stated that thousands of Passports had been sold in the past 18 months. The second-generation Passport device was launched in March 2022.
“Preserving freedoms and privacy is more important than ever in a world of censorship, privacy violations and reckless financial and monetary policies. We are excited to deliver decentralized products that bring about a new era in freedom and prosperity for users around the world, as the line between the digital and physical worlds continues to blur. This seed round is just the beginning of our journey towards building the first sovereign computing platform in the world.
Foundation Devices will focus its funding on software services in the short-term. This will allow them to continue growing their engineering and design teams, and develop next-generation sovereignty products. The two main products of Foundation Devices include the mobile wallet Envoy as well as the hardware wallet Passport. Polychain Capital’s CEO, Olaf Carlson-Wee said that Envoy is a mobile wallet that helps customers configure, maintain, and interact with their Passport wallet.
“The Foundation team has been creating beautiful, incredibly secure, and yet easy-to-use products that enhance an individual’s ability for self-custody of crypto assets. We are thrilled to support them in the next phase of their vision, which is to empower self-sovereign individuals using decentralized technologies.
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