GEODNET Completes $3.5 Million Seed Funding Round
The GEODNET Foundation, the organization governing the blockchain-based global navigation network GEODNET, has successfully concluded a seed funding round of $3.5 million. Leading the round is North Island Ventures, alongside participation from Modular Capital, Road Capital, Tangent, Reverie, and select angel investors. These new investors join existing backers Borderless, IoTeX, and JDI Ventures.
Improving GPS Accuracy with GEODNET
GEODNET is focused on building the world’s premier Global Navigation Satellite System (GNSS) reference network for Real-Time Kinematics (RTK)-based positioning. While standard GPS has an accuracy discrepancy of about two meters, GEODNET’s RTK network can provide instant accuracy within the range of 1-2 centimeters. Many Internet of Things (IoT) and autonomous applications, such as drones, smart mowers, and Advanced Driver Assistance Systems (ADAS), have already embraced RTK for enhanced precision in positioning.
A Community-Based Decentralized Physical Infrastructure Network
- GEODNET operates as a Decentralized Physical Infrastructure Network (DePIN), allowing anyone to contribute to the system by installing and operating a reference station called a Satellite Miner.
- Satellite miners deliver precise RTK correction data to devices equipped with GNSS receivers within a 20-40 kilometer range.
- Satellite mining operators benefit from building and participating in the network by earning GEOD tokens.
- GEODNET currently boasts over 4,000 registered reference stations across 120+ countries and 2,500+ cities.
- The ultimate goal of GEODNET is to offer the most robust and accurate navigation system for various industries, including self-driving cars, agriculture, and consumer robots.
The Visionary Behind GEODNET
GEODNET is the brainchild of Mike Horton, an accomplished entrepreneur with a successful track record in the navigation industry. Horton previously founded Crossbow Technology in 1995 and served as its CEO until it was acquired by Moog Inc. in 2011. He is also the co-founder and CTO of ANELLO Photonics, the creator of the Silicon Photonic Optical Gyroscope.
“GEODNET is focused on improving GPS at scale,” said Mike Horton, GEODNET Project Creator. “We are thrilled to close this funding round which will accelerate our goals of providing affordable GPS augmentation services and raw GNSS reference streams for RTK use cases around the world.”
“GEODNET has already bootstrapped a huge network of satellite miners and is well on its way to becoming the world’s largest and most reliable RTK network,” said Travis Scher, Managing Partner of North Island Ventures. “We believe that this DePIN project and others like it have the potential to demonstrate the true value proposition of blockchain, and we’re thrilled to be a part of the journey.”
“GEODNET is disrupting the global RTK network and is one of the few DePIN projects that has successfully ramped up both the supply side (4,000+ base stations) and demand side ($500k+ ARR). GEODNET addresses a $200 billion end market, including existing industrial applications and emerging use cases in autonomous vehicles, consumer products, and augmented/virtual reality. We’re excited to support Mike, who has decades of experience in this field, and has the right technical expertise and go-to-market strategy to disrupt this industry,” said Vincent Jow, Managing Partner of Modular Capital.
About GEODNET
GEODNET is a highly reliable, Web3 RTK Network that utilizes DePIN principles. By leveraging Real-Time Kinematics and a low data rate network connection, GEODNET achieves a 100x improvement in position accuracy compared to standalone GPS. The global RTK network of GEODNET works in synergy with on-device sensors, such as cameras, LiDAR, and IMUs, to enable AI-based autonomous systems to attain precise real-time 3D localization. For more information, please refer to the GEODNET White Paper, Website, Dune Dashboard, and Twitter.
Contact:
CEO – Mike Horton
Email – [email protected]
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