After Ledger’s announcement of a collaboration with iPod creator Tony Fadell to create its latest hardware wallet, rival hardware wallet startup Foundation Devices has announced that it has raised a $7-million seed round to double its “sovereign computing platform”, which it says empowers its users to “reclaim their digital sovereignty”.
The company’s flagship product, the Passport, costs $260 and looks like a luxury Vertu phone from the mid-2000s, but is actually a hardware crypto wallet built with security and a mobile-centric approach in mind.
“The entire cryptocurrency space is built on a foundation of open source. It only works because it’s open. Our strong belief is that open-source software must run on open-source hardware”, says Zach Herbert, CEO of Foundation Devices
The company is taking a new approach to hardware wallets by opening the source code of both hardware and software for every device it releases. Yes, this means that if you’re so inclined, you can go to GitHub and go through every line of code, every component, every mechanical design, and the full bill of materials – every aspect of the design of every one of his products. The company states that open source is a core part of its mission and vision.
The foundation’s $7 million seed round was led by Polychain Capital, which appears to be flying the banner of Crypto Winter at the moment, with the fund reportedly having over $600 million under management, despite its website design.
Others in the round include new investors Greenfield Capital and Lightning Ventures, as well as a range of follow-on investments from existing investors, including Third Prime, Warburg Serres, Unpopular Ventures and Bolt. The investment was made on a safe note with a maximum valuation of $35 million.
The company claims to have sold thousands of original passports and launched the second version of its flagship product in March 2022.