IO Research, developer of the Solana-based decentralized physical infrastructure network (DePIN) io.net, has reached a fully diluted token valuation of $1 billion in its latest funding round batch, two sources with direct knowledge of the matter told The Block.

IO Research announced on Tuesday that it has raised $30 million in a Series A funding round led by Hack VC, with participation from Multicoin Capital, 6th Man Ventures, Solana Ventures, OKX Ventures, Aptos Labs, Delphi Digital, The Sandbox, Sebastian Borget of The Sandbox and others.

The round occurred in tranches, the two sources said, adding that it is structured as a simple agreement for future equity (SAFE), with token warrants in a 1:1 ratio.

Ahmad Shadid, founder and CEO of io.net, confirmed the structure of the round to …