Borderless Capital Leads $1.5M Investment into the GEODNET Foundation to Support a Precise and Trusted Decentralized Location Service
[PRESS RELEASE – Palo Alto, California, USA, July 25th, 2023]
GEODNET’s growing Global Network of 3000+ web3 GNSS Base-stations is recognized by industry as a leading commercial solution for Real-Time Kinematic (RTK) applications
The GEODNET Foundation (GeoDAO PTE, LTD) announced the completion of a private $1.5M token sale at EthCC (The Ethereum Community Conference). 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.
Introduced at the Institute of Navigation 2021 GNSS+ Conference, the Global Earth Observation Decentralized Network, GEODNET, received the Institute of Navigation’s best presentation award and has rapidly grown since the 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.
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 being utilized by leaders in high-precision applications including Hemisphere GNSS, Quectel Wireless Solutions, and Rock Robotic. GEODNET station owners set up their own Satellite Miner and are rewarded with $GEOD, the project’s native Polygon token.
“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. GEODNET will utilize the investment proceeds to strengthen the project overall, and emphasize on growing the reliable Global Coverage, and introducing a Mobile operating-system Software Development Kit.
“GEODNET’s unique combination of Artificial Intelligence, the Internet of Things, and Blockchain is a game changer for numerous mobile applications. This investment will help pave the way to a broader developer ecosystem in both Enterprise and Consumer applications”, said Mike Horton, Project Creator of GEODNET.
About GEODNET
GEODNET is a decentralized network of high-precision multi-band GNSS base stations for AIoT, Geo-Scientific, and Metaverse applications. GEODNET stations #MineTheSky for real-time satellite data, and GEODNET is the basis of a new class of distributed cryptographic sensor networks powered by blockchain. https://geodnet.com
About Borderless
Borderless is a leading investment manager specialized in Web3 technology. Our mission is to support the next wave of creators who are driving the development of innovative technologies that will enable borderless value creation. We are committed to empowering our founders to reach their maximum potential and create a positive change in the world. https://borderlesscapital.io
About IoTeX
IoTeX is a modular Web3 platform connecting smart devices to blockchains for Web3 integration in real world applications. IoTeX is a leading technology provider of Decentralized Physical Infrastructure Network (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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