The GEODNET Foundation (GeoDAO PTE, LTD) has announced completion of a private $1.5 million token sale. The round was led by Borderless Capital’s EdgeFi Fund, the web3 investment fund focused on Decentralised Physical Infrastructure Networks (DePIN). The investment round includes additional participation from IoTeX, a web3 technology provider and blockchain for Internet of Things, as well as angel investors.
Introduced at the Institute of Navigation 2021 (global navigation satellite system) GNSS+ Conference, the Global Earth Observation Decentralised Network, GEODNET, received a Institute of Navigation’s presentation award and has grown since launch in early 2022. With over 3000 reference stations online in every major continent, the real-time GEODNET network is the decentralised Geo-Spatial Reference Network and present in every continent.
The GEODNET location service offers centimetre location for applications such as drones, robotic vehicles, augmented reality, and IoT/mobile devices.
GEODNET station data is utilised by providers in high-precision applications such as Hemisphere GNSS, Quectel Wireless Solutions, and Rock Robotic. GEODNET stations owners set up a Satellite Mining station and are rewarded in the project’s native Polygon token, GEOD.
“We led this investment because the GEODNET community is proving that thoughtfully deployed DePIN networks offer high-value, revenue-generating solutions to real-world problems,” says Alvaro Gracia, partner at Borderless Capital.
The GEODNET Foundation manages the open network protocol and promotes service usage within the traditional GNSS and IoT industry. The investment proceeds will be utilised to expand the project with emphasis on growing Global Coverage and a Mobile operating-system Software Development Kit.
“GEODNET’s combination of Artificial Intelligence, Internet of Things, and Blockchain ispa game changer for numerous mobile applications. This investment will help pave the way to a broad developer ecosystem in both Enterprise and Consumer applications,” says Mike Horton, project creator of GEODNET.
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