The GEODNET Foundation (GeoDAO PTE, LTD) announced the completion of a private $1.5M token sale. The round was led by Borderless Capital’s EdgeFi Fund, the first web3 investment fund exclusively focused on Decentralized 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.
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“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”
Introduced at the Institute of Navigation 2021 GNSS+ Conference, the Global Earth Observation Decentralized Network, GEODNET, received a Institute of Navigation’s best presentation award and has rapidly grown since official launch in early 2022. With over 3000 reference stations online in every major continent, the real-time GEODNET network is the world’s largest decentralized Geo-Spatial Reference Network and present today in every continent.
The GEODNET location service offers reliable centimeter location accuracy for applications such as drones, robotic vehicles, augmented reality, and IoT/mobile devices.
GEODNET station data is actively utilized by leaders 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.
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“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,” said Álvaro 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 utilized to strengthen the project with emphasis on growing reliable Global Coverage and a Mobile operating-system Software Development Kit.
“GEODNET’s unique combination of Artificial Intelligence, Internet of Things, and Blockchain is a game changer for numerous mobile applications. This investment will help pave the way to a broad developer ecosystem in both Enterprise and Consumer applications,” said Mike Horton, Project Creator of GEODNET.
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