IoTex

Co-founders Raullen Chai (CEO), Jing Sun (CIO), and Qevan Guo set treasury strategy and approve ecosystem investments without an external investment committee. The Singapore-based foundation governs grants, while the venture studio in Menlo Park and Hong Kong structures direct equity positions in selected DePIN startups. This dual arrangement allows the core team to move capital between liquid token positions and early-stage private deals.

IoTex operates primarily as a blockchain protocol and modular DePIN layer, with investment and venture-building activities funded through its treasury and foundation. It is distinct from a registered investment advisor or single-family office because it deploys protocol-owned capital—rather than managing external or family wealth—and reports no fee-generating AUM. Its structure resembles a venture studio funded by token issuance, falling outside the fiduciary regulations of a traditional investment manager.

Investments are funded through the IoTex Foundation's token treasury, supplemented by protocol-level emissions that incentivize developers and liquidity providers. In 2023 the foundation claimed roughly $50M in cumulative ecosystem funding, distributed between grants and direct equity to startups such as Wicrypt and Network3. The foundation does not raise closed-end funds or collect management fees from third-party capital.

IoTex targets primarily seed to Series A startups building decentralized physical infrastructure networks (DePIN) that integrate machine data, identity, and payments. Tracked sectors include edge-AI computing, decentralized wireless, smart-city sensor networks, and supply-chain provenance. The venture team does not invest in pure financial DeFi protocols, social tokens, or NFT platforms.

The IoTex Foundation is domiciled in Singapore, with treasury-adjacent entities registered in the Cayman Islands and the British Virgin Islands (Tortola). Protocol-level intellectual property—including the IoTex chain codebase and W3bstream identity middleware—is open-source and maintained by a globally distributed core team across San Francisco, Hong Kong, and London.