# Pi Network

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/pi-network

- Industry: Software
- Headquarters: Palo Alto, US
- Website: www.minepi.com
- Latest round: Seed (Nov 29, 2023)
- Investors on record: 3

## About

SocialChain, Inc., doing business as Pi Network, is a U.S.-based company focused on providing an accessible digital currency that can be mined on mobile devices, thereby democratizing cryptocurrency mining for users worldwide. Founded in 2019 and headquartered in Palo Alto, California, Pi Network has developed a platform for mining digital currency on smartphones. The company has not undergone significant pivots in its business operations since its inception. It operates independently without known subsidiaries or parent companies. In November 2023, Pi Network raised seed funding from new investors 137 ventures, Designer Fund, and Ulu Ventures. Pi Network's primary offering is its innovative digital currency, designed to be mined directly on mobile devices without draining battery life, thereby making cryptocurrency mining more accessible to a wider audience. The Pi Blockchain operates as a secure, immutable, non-counterfeitable, and interoperable platform, facilitating transactions and interactions within its ecosystem. The end-use cases focus on providing a practical and easy-to-use solution for digital payments, aiming to eliminate the massive electrical waste associated with traditional cryptocurrency mining. Released to the public in 2019, Pi Network serves a global customer base, with particular emphasis on regions where mobile technology is prevalent, making it a practical solution for users in emerging markets where traditional banking services may be limited. Furthermore, the company actively engages developers and businesses through initiatives like "KYB Verified Businesses," enhancing the platform's utility for a diverse range of end users. Pi Network's revenue model is structured around fostering a growing ecosystem of users and businesses that leverage its digital currency for transactions. The platform's revenue is generated through partnerships and potentially from transaction fees associated with its services, although specific pricing plans and fee structures are not publicly disclosed. Clients, which range from individual users to verified businesses, engage with the platform primarily through direct interactions and transactions utilizing the Pi currency. This could involve businesses utilizing Pi for payments or users converting their mined currency into goods and services within the network. The firm’s strategic focus on community engagement and developer integration is expected to enhance its transaction volumes, although specific financial metrics remain undisclosed. The company plans to use the funding from November 2023 to accelerate its growth.

## Funding rounds

- Seed, Nov 29, 2023 — Ulu Ventures, Designer Fund, 137 ventures

## Investors

- Ulu Ventures (https://capitalatlas.ai/funds/ulu-ventures) — Seed
- Designer Fund (https://capitalatlas.ai/funds/designer-fund) — Seed
- 137 ventures (https://capitalatlas.ai/funds/137-ventures) — Seed