In order to build a strong blockchain community, Siddharth Banerjee, Krithika Radhakrishnan, and Sriram Padmanabhan founded the startup.

Kandola, a blockchain firm, announced a $450,000 pre-seed financing. The cash generated in this round will be used to grow the team and develop new technologies.

AlphaWave Global led the pre-seed round, which also included Sandeep Nailwal, Co-founder of Polygon, and Harsh Rajat, Founder of Ethereum Push Notification Service (EPNS). Arcanum Capital, a venture capital firm, also participated in the round.

Siddharth Banerjee, Krithika Radhakrishnan, and Sriram Padmanabhan formed the company with the goal of developing a robust blockchain community.

Siddharth Banerjee, CEO of Kandola, said, “With immense belief in the rapidly growing Web3 community, we hope to attract aspiring talent who will help us build Kandola from the ground-up.”

“We are already on course for a paradigm shift. Data being controlled and monetised by the owner is obvious and yet ambitious; any company working towards making this possible will be a part of an ongoing meta revolution,” he added.

In addition, the company is developing a human-powered IoT platform. The Bengaluru-based business intends to create TestNet, a test network for testing new features or Dapps, within the next six months (decentralised applications)

Tushar Behl from AlphaWave Global said, “We are extremely excited to partner with Sid and his team at Kandola. We are big believers in the power of permaweb and decentralised infrastructure. At the same time, IoT (internet of things) and smart devices have taken over our world. Kandola has a real shot at building a critical piece of that infrastructure for one of the largest TAMs (technology acceptance model) in human history.”

It aspires to be the de facto platform for all Dapps/solutions requiring real-time communication and data storage, such as IoT devices and apps, messaging applications, games, real-time NFT, and metaverse apps.

The funds raised in this round will be utilised to establish underlying technologies through research and development, as well as to expand the team. Kandola, founded by Siddharth Banerjee and co-founders Krithika Radhakrishnan and Sriram Padmanabhan, has a strong network to enable simple adoption and plans to deploy TestNet with its existing partners in the next six months.