The PI Foundation has launched PI Network Ventures, a $100 million fund to support startups that integrate PI tokens into practical, real-world use cases.
The initiative, announced on May 14th, aims to promote adoption within the PI ecosystem and long-term growth within the PI ecosystem by targeting businesses beyond the traditional Web3 space.
The foundation said the venture will be “a large portion of the investment directly in the form of PI.” These tokens come from the 10% reserve reserve reserve reserve for ecosystem development.
Speaking about this, Nicolas Kokkalis, co-founder of PI, said the fund is in line with the network’s broader goal of connecting decentralized technology with everyday life. He emphasized that the initiative benefits both startups and the broader PI community by encouraging large-scale new use cases.
The fund launch is because PI networks face surveillance over concerns about fraud and its lack of utility. However, industry analysts see venture funds as a step towards justifying the ecosystem and increasing the relevance of tokens in traditional markets.
PI Network Venture
According to the statement, PI Network Ventures will support companies in a variety of industries, including artificial intelligence, gaming, fintech, e-commerce, digital payments, markets, and social platforms.
PI Network Ventures uses a venture capital model that mirrors Silicon Valley. This means implementing a rigorous sourcing and selection process to identify high-power startups at various stages of growth, from early stage companies to Series B and beyond.
However, it states:
“The PI Foundation is not obligated to invest an entire $100 million based on the quality of the applicant and the number of startups accepted into the initiative. PI Network Ventures can invest over time and can discontinue their investments at any time.”
Meanwhile, the PI Foundation pointed out that the fund will provide financial support and expand the PI token utility by allowing startups to incorporate digital assets into their operations.
In return, supported companies will access the user base of PI networks, including millions of identity-environmental individuals in over 200 countries.
