Foundation Devices Raises $7 Million In Seed Round Led By Polychain Capital

In a seed round led by Polychain Capital and including Greenfield Capital, Lightning Ventures, Third Prime, and others, hardware wallet creator Foundation Devices revealed that it had raised $7 million. The money will be utilized to create more products and grow the engineering and design teams.

Founded in April 2020, Foundation Devices creates solutions that enable consumers to recover their digital sovereignty by making Bitcoin and decentralized technology available to everyone.

Passport, a top-tier Bitcoin hardware wallet from Foundation, combines an intuitive design with extreme security and a mobile-first strategy with QR codes. With thousands of Passports sold over the previous 18 months, Foundation debuted its second-generation Passport device in March 2022, and it has since gained popularity and customer adoption.

Zach Herbert, Co-Founder and CEO of Foundation Devices, stated:

“Preserving freedom and privacy is more important than ever amidst worldwide censorship, privacy violations, and reckless financial and monetary policies. As the line between the physical and digital world continues to blur, we are excited to continue delivering decentralized products that usher in a new era of freedom and prosperity for users across the globe. This seed round marks just the beginning of our journey to build the world’s first sovereign computing platform.”

With a short-term concentration on software services, Foundation’s funding will allow the company to keep growing its engineering and design teams and developing next-generation sovereignty products.

The two primary products of Foundation Devices are the mobile wallet Envoy and the hardware wallet Passport. Envoy is a mobile wallet that aids customers in configuring, maintaining, and interacting with their Passport wallet.

Olaf Carlson-Wee, Founder and CEO of Polychain Capital, said:

“The Foundation team has been creating gorgeous, incredibly secure, yet easy to use products that further an individual’s ability to self-custody crypto assets. We are incredibly excited to support them on the next phase of their vision to empower self-sovereign individuals through decentralized technologies.”

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