Helios' Alleged $15M Funding Claim and Its Implications for DePIN and AI-Driven Crypto Projects

In the rapidly evolving landscape of blockchain and decentralized infrastructure, capital claims often serve as both a beacon of opportunity and a minefield of uncertainty. The recent alleged $15 million funding announcement by Helios-a name that appears across multiple entities-has sparked debate about its authenticity and relevance to DePIN (Decentralized Physical Infrastructure Networks) and AI-driven crypto projects. This analysis delves into the nuances of the claim, evaluates its alignment with Helios' broader strategic goals, and underscores the critical need for due diligence in assessing unverified capital allocations in emerging blockchain ecosystems.

Verifying the $15M Claim: A Tale of Two Helios Entities

The first step in evaluating the $15M claim is to disentangle the distinct entities under the Helios umbrella. According to a report by the African Venture Capital Association (AVCA), Helios Climate-a climate-focused investment platform under the Helios Investment Partners umbrella-announced a $15 million funding round in 2025 to support climate-focused ventures in Africa, including a partnership with the Private Infrastructure Development Group (PIDG) to invest in SUN Mobility. This allocation is explicitly tied to climate-smart infrastructure, such as battery swapping solutions for electric vehicles.

However, a separate entity, Donut Labs, has also raised $15 million in seed funding for an AI-powered crypto trading browser, as highlighted in a LinkedIn post. While the figure is identical, the context and objectives differ starkly: Donut Labs' funding is unrelated to Helios Climate or Helios Investment Partners. This conflation of entities-albeit unintentional-highlights the risks of assuming that capital claims are universally applicable across blockchain sectors.

Helios Investment Partners: A Broader Mandate for African Development

Helios Investment Partners, the parent firm, operates under a distinct mandate. As stated by the firm's official website, it manages Helios Fund V, a $750 million strategy targeting mid-sized African enterprises in sectors like financial services, renewable energy, and digital infrastructure. Notably, the firm has secured $50 million in commitments from Japan's JICA and $75 million from the European Investment Bank (EIB Global) to scale climate-aligned ventures. These investments emphasize operational upgrades and ESG alignment, with a 30% portfolio allocation to gender-equal enterprises.

Crucially, Helios Fund V's focus diverges from DePIN/AI-driven crypto projects. While the firm's sustainability-linked credit facility supports climate action, its primary objective is to scale African businesses through traditional private equity strategies. This distinction is vital: Helios Investment Partners is not a blockchain-native entity, and its $15M climate allocation does not directly fund DePIN or AI crypto initiatives.

DePIN and AI-Driven Crypto: A Growing but Fragmented Ecosystem

The DePIN and AI-driven crypto sectors, however, are gaining traction independently. Projects like Helium ($HNT) and Grass Network ($GRASS) are pioneering decentralized infrastructure for IoT connectivity and AI data collection. Helium's 5G rollout and Grass Network's bandwidth monetization model exemplify how blockchain can democratize physical infrastructure. Meanwhile, AI integration in crypto-such as Donut Labs' agentic browser-signals a shift toward automated, on-chain decision-making.

Despite these advancements, the connection between Helios' climate-focused capital and DePIN/AI projects remains tenuous. While Helios Climate's investments in green energy and transport could indirectly benefit decentralized infrastructure (e.g., by reducing energy costs for blockchain nodes), there is no evidence that the $15M allocation is earmarked for DePIN or AI crypto projects.

The Due Diligence Imperative: Lessons for Investors

This case study underscores the importance of rigorous due diligence in evaluating capital claims within emerging blockchain networks. Key considerations include:
1. Entity Distinction: Investors must verify whether the entity making the claim (e.g., Helios Climate vs. Helios Investment Partners) aligns with the project's stated objectives.
2. Contextual Alignment: Assess whether the funding is explicitly tied to the sector in question (e.g., DePIN/AI crypto) or serves broader developmental goals.
3. Source Credibility: Rely on official announcements and third-party verifications (e.g., AVCA, JICA) rather than unattributed or conflated claims.

For instance, while Helios Climate's $15M allocation is credible and well-documented, its relevance to DePIN/AI projects is limited. Conversely, Donut Labs' $15M raise, though unrelated to Helios, demonstrates the sector's potential but requires separate scrutiny.

Conclusion: Navigating the Fog of Capital Claims

The Helios $15M funding claim exemplifies the challenges of navigating capital allocations in decentralized ecosystems. While the firm's climate-focused investments are legitimate and impactful, their implications for DePIN and AI-driven crypto projects are overstated. Investors must remain vigilant, dissecting claims through the lens of entity mandates, contextual relevance, and source credibility. In an era where blockchain innovation thrives on hype and hyperbole, due diligence remains the cornerstone of informed decision-making.

[1] Member News - AVCA [https://www.avca.africa/news-insights/member-news/]
[2] Japan's development agency targets $50 million for Africa [https://ctlaughlin.substack.com/p/the-africa-b2b-tech-report-dac]
[3] DePIN Crypto Projects to Watch in 2025 [https://subquery.medium.com/depin-crypto-projects-to-watch-in-2025-285cb8dc03d8]
[4] DePIN Crypto 2025: Top Projects & Market Analysis [https://coinlaunch.space/blog/top-depin-crypto-projects/]
[5] DEG invests $25 million in Helios Fund V for African growth [https://www.startupresearcher.com/news/deg-invests-usd25-million-in-helios-fund-v]
[6] Reed Smith advises Helios Investment Partners on sustainability-linked credit facility [https://www.reedsmith.com/en/news/2025/08/reed-smith-advises-helios-partners-sustainability-linked-credit-facility]
[11] EIB Global Invests $75 million in Helios Fund V to Support Africa's digitally focused businesses [https://www.eib.org/en/press/all/2025-103-eib-global-invests-usd75-million-in-helios-fund-v-to-support-africa-s-digitally-focused-businesses]
[12] Helios Climate [https://www.heliosinvestment.com/our-investments/helios-climate]
[13] Donut Labs raises $15M Seed Funding to Build AI-Powered Crypto Trading Browser [https://www.linkedin.com-posts/angelique-d-32087812_donut-labs-raises-15m-seed-funding-to-build-activity-7391205396524224513-brIK]