Foundation Devices Closes $7M Seed Round

BOSTON–(BUSINESS WIRE)–Foundation Devices, a sovereign computing company that develops Bitcoin-centric tools that empower users to reclaim their digital sovereignty, today announced the close of its $7 million seed round led by Polychain Capital. Other investors participating in the round include new investors Greenfield Capital and Lightning Ventures, and existing investors Third Prime, Warburg Serres, Unpopular Ventures, and Bolt.

Founded in April 2020, Foundation builds products that make Bitcoin and decentralized technologies accessible to everyone, enabling users to reclaim their digital sovereignty. Foundation’s flagship product, Passport, a best-in-class Bitcoin hardware wallet, offers a unique combination of intuitive design, hardcore security, and a mobile-first approach with QR codes. In March 2022, Foundation launched its second-generation Passport device, which continues to gain traction and adoption among consumers with thousands of Passports sold over the last 18 months.

Additionally, Foundation is continuing to develop its mobile app, Envoy, as a standalone sovereignty toolkit complete with a Bitcoin software wallet. Envoy offers the easiest onboarding and user experience of any Bitcoin wallet, with maximum privacy using the Tor network, a free and open-source software for enabling anonymous communication.

Foundation’s financing will enable the company to continue expanding its engineering and design teams and building next-gen sovereignty products, with a short-term focus on software services.

“Preserving freedom and privacy is more important than ever amidst worldwide censorship, privacy violations, and reckless financial and monetary policies,” said Zach Herbert, Co-Founder and CEO of Foundation Devices. “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.”

“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,” said Olaf Carlson-Wee, Founder and CEO of Polychain Capital. “We are incredibly excited to support them on the next phase of their vision to empower self-sovereign individuals through decentralized technologies.”

“By building products that lower the barrier to becoming a sovereign individual, more people will confidently reclaim control of their money and data,” said Gleb Dudka, Principal at Greenfield Capital. “We are proud to be a small part of what the incredible team at Foundation is building.”

“The rave reviews that Foundation’s Passport has garnered already is indicative of the demand for sovereignty and freedom in this new era,” said Tyler Mincey, Foundation board member and Partner at Bolt. “This is a giant step in the right direction, both for self-custody and digital sovereignty, which is one of the many reasons we are excited to continue supporting the Foundation team through this fundraise.”

About Foundation Devices

Launched in April 2020, Foundation Devices builds products that make Bitcoin and decentralized technologies accessible to everyone, enabling users to reclaim their digital sovereignty. Foundation’s open-source products include Passport, a best-in-class Bitcoin hardware wallet, and Envoy, a mobile app.