VitaDAO (VITA) Increases By 60% As The Firm Announcing $4.1 Million Fundraising
- VitaDAO plans to use the funds to support lifespan research initiatives and biotech firms produced out of DAO next year.
- The VitaDAO governance Token VITA increased by 60% in a short amount of time as a result of the announcement.
- VitaDAO has financed more than 15 projects to study ageing disorders for a total of more than $3.5 million in the last year.
VitaDAO, a DeSci track longevity startup, announced the completion of a $4.1 million funding round on January 30th, led by Balaji Srinivasan, former CTO of Coinbase, and Pfizer Ventures, the investment arm of Pfizer, the world’s largest pharmaceutical company. This is Pfizer’s first investment in the Web3 space.
According to the announcement, VitaDAO plans to use the funds to support lifespan research initiatives and biotech firms produced out of DAO next year.
DeSci (Decentralised Science) is a program that aims to build a public infrastructure for the fair and equitable funding, development, review, crediting, storage, and dissemination of scientific information through the use of Web3 techniques such as NFT, smart contracts, and DAO.
While humanity has experienced an exponential wave of technological development in the last two centuries, there are still various financial and information access barriers in reality, and the combination of technology and Web3 may be one way to address the pain pointsThe blog spot said
In a show about decentralized science, Ethereum founder Vitalik Buterin also discussed the usage of quadratic funding and DAO tools like VitaDAO to fund and organize scientific endeavours.
VitaDAO has financed more than 15 projects to study ageing disorders for a total of more than $3.5 million in the last year, and these efforts by biotech firms or organizations to seek funding in the Web3 area can be considered a major breakthrough.
The VitaDAO governance Token VITA increased by more than 60% in a short amount of time as a result of the announcement of fundraising.
VitaDAO funds startups through traditional equity or by issuing and selling NFTs that represent intellectual property. DAO members become co-owners of the intellectual property developed by the research in exchange for research funding.
Besides, VitaDAO will not only give certain VITA Token incentives to researchers and working groups who contribute data or expertise, but will also provide additional governance privileges, as written in the blog post.
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