Palo Alto, CA, USA, July 25, 2023, Chainwire
GEODNET’s growing global network of more than 3,000 web3 GNSS base stations is recognized by the industry as the leading commercial solution for real-time kinematic (RTK) applications
The GEODNET Foundation (GeoDAO PTE, LTD) announced the completion of a $1.5 million private token sale at EthCC (Ethereum Community Conference).This round of financing was funded by capital without bordersThe EdgeFi Fund is the first web3 investment fund exclusively focused on Decentralized Physical Infrastructure Networks (DePIN). The round included additional participation from: internet of thingsa web3 technology provider and IoT blockchain, and an angel investor.
Launched at the Society of Navigation’s 2021 GNSS+ conference, GEODNET, the Global Earth Observation Decentralized Network, won the Society of Navigation’s Best Presentation Award and has grown rapidly since its official launch in early 2022. With more than 3000 online reference stations on all continents, the real-time GEODNET network is the world’s largest decentralized geospatial reference network.
GEODNET location services provide reliable centimeter-level location accuracy for applications such as drones, robotic vehicles, augmented reality, and IoT/mobile devices.
GEODNET station data is being actively utilized by leaders in high-precision applications, including Hemispheric GNSS, Quectel wireless solutionand rock robot. GEODNET station owners build their own satellite miner And get the project’s native Polygon token $GEOD as a reward.
Álvaro Gracia, Partner at Borderless Capital, said: “We led this investment because the GEODNET community has demonstrated that a well-deployed DePIN network can provide high-value, revenue-generating solutions to real-world problems.”
The GEODNET Foundation manages the open network protocol and facilitates the use of services within traditional GNSS and IoT industries. GEODNET will use the investment proceeds to fully strengthen the program with a focus on developing reliable global coverage and launching a mobile operating system software development kit.
“GEODNET’s unique combination of AI, IoT and blockchain is game-changing for a wide range of mobile applications. This investment will help pave the way for a broader developer ecosystem in enterprise and consumer applications,” said Mike Horton, GEODNET project creator.
About GEODNET
GEODNET is a decentralized network of high-precision multi-band GNSS base stations for AIoT, Earth Science and Metaverse applications. GEODNET station #MineTheSky for real-time satellite data, GEODNET is the foundation of a new distributed encrypted sensor network powered by blockchain. https://geodnet.com
About Borderless
Borderless is a leading investment management firm focused on Web3 technologies. Our mission is to support the next wave of creators who are advancing innovative technologies that enable value creation without borders. We are committed to helping our founders reach their highest potential and bring about positive change in the world. https://borderlesscapital.io
About IoTeX
IoTeX is a modular Web3 platform that connects smart devices to the blockchain to integrate Web3 in real-world applications. IoTeX is a leading technology provider for Decentralized Physical Infrastructure Networks (DePIN). IoTeX combines blockchain, middleware, and open hardware to connect billions of devices and dApps with privacy and trust. https://iotex.io
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CEO/Founder
Mike Horton
Earth Geography Network
(email protected)
