- Praxis recently raised $525M from major investors to create a next-gen city with fewer regulations for crypto, AI, and biotech experts.
- The company is reportedly earmarking a significant part of the capital ($500M) for ‘an important AI investment.’
- Its ultimate goal for the tech-savvy environment is to span 1K acres and home 10K residents.
Praxis, an innovative venture developing a tech-savvy city with relaxed regulations for crypto, AI, and biotech entrepreneurs, raised an eye-boggling $525M yesterday.
Owing to its steadfast commitment to creating an environment of boundless innovation, it recently secured funding from a pool of investors (including the reputable GEM Digital, Arch Lending, and Manifold).
The project aims to blend next-gen technology with conventional aesthetics. An urban hub for the world’s most prominent tech companies.
Now, with a full piggy bank, it’s ready to bring its ambitious vision to life – $500M, reportedly dedicated to ‘an important AI investment.’
Praxis Is Building ‘The 21st Century Rome’
The self-proclaimed ‘internet-native alliance’ is currently formulating a functional city that fuses modern and traditional aesthetics.
Its ultimate vision is to build a forward-thinking city that incubates cutting-edge advancements, spanning 1K acres and housing 10K tech lovers.
Following the news of the capital injection, positive community sentiment is flowing on the project’s social media channels.
One X member even said the city ‘will end up being the 21st-century Rome’ and ‘dubbed the new America.’
There’s hearsay that it might be situated in either Latin America or the Mediterranean. However, they will disclose the final location by Q1 2025.
GEM Digital Bets Big on Praxis ($500M)
Founded by Dryden Brown in 2019, Praxis raised funds from authoritative venture capital firms in 2022 (led by Paradigm, Apollo Projects, and Robot Ventures).
GEM Digital led the most recent funding round, infusing a generous $500M into the project. Arch Lending followed with $25M.
Angel investors also took part, including Dragonfly’s Tom Schmidt, Rob Hadick, and Anirudh Pai, Helius Labs’ Mert, Farcaster’s Dan Romero, and Worldcoin’s Max Novendstern.
The capital will be distributed every time Praxis meets a milestone, which includes government approvals, buying land, and tokenizing the land’s ownership.
Under the investment agreement, Praxis will roll out fractionalized tokens that represent shared ownership of the city’s real estate development. They’ll be publicly listed on crypto exchanges to maximize adoption and, thus, profit.
Praxis – A Tech-City Champ or Pie in the Sky?
Praxis recently secured $525M to construct a loosely governed, tech-centric city, which is an outstanding achievement. Considering the project’s promises, its newfound glory doesn’t come as a surprise.
However, its ambitions, which echo similar failed and stalled projects (such as Satoshi Island and Akon City), are raising doubts about its long-lasting success online.
These companies crashed after attempting to turn pioneering, revolutionary visions into fully-fledged, livable cities.
But nonetheless – if Praxis hits its targets – the city could transform how next-gen technology is used in urban development, reconceptualizing what a modern city stands for in the digital age.
Resources
- Based16z on Twitter (X)
- Zaheer on Twitter (X)
- Michael Tastad on Twitter (X)
- Praxis Raises Capital From Paradigm (Praxis)
