Uber’s Blockchain Competitor DEC Attracts $9M to Decentralize Ridesharing

Software developer Decentralized Engineering Corporation (DEC) has raised $9 million in a seed funding round.

Participants in the funding round include venture capital firms Foundation Capital and Road Capital jointly. Other investors include 6th Man Ventures, Common Metal, as well as a number of business angels, including ex-Uber managers Josh Maurer and Ryan McKillen.

The startup has developed the TRIP protocol based on the Solana blockchain. The first application on it was Teleport for the decentralization of ridesharing.

TRIP is open source. Key components of the service, such as dispatching, payment, data verification and dispute resolution, will be available to all network participants.