The Solana-based DePIN project Andrena has completed a $18 million financing round, led by Dragonfly.

ChainCatcher news, according to The Block, the Solana-based DePIN project Andrena has completed a $18 million financing round, led by Dragonfly, with participation from CMT Digital, Castle Island Ventures, Wintermute Ventures, 6th Man Ventures, and ParaFi.

Andrena co-founder Neil Chatterjee stated that this financing round is an extension of the Series A round, structured with a simple agreement for future equity (SAFE) that includes token warrants. Furthermore, this round of financing was "significantly oversubscribed," with an initial target of only $5 million, but ultimately raised more funds in batches earlier this year to facilitate the smooth launch of the token.