DUBAI, United Arab Emirates--(BUSINESS WIRE)--TOKEN2049 – The GEODNET Foundation, the organization governing the blockchain-based global navigation network GEODNET, announces over $2M of strategic investments from new investors including CoinFund, Pantera, VanEck and Santiago R. Santos. The additional capital raised will support the Foundation’s near-term objectives of decentralization and developer accessibility.
GEODNET continues its significant growth momentum with over 5,000 GPS/GNSS reference stations added to its Real-Time Kinematic (RTK) network that is powering a new generation of location and intelligent autonomy services. GEODNET enables instant centimeter location accuracy which is a 100x improvement compared to legacy GPS. GEODNET now constitutes one of the world’s largest global networks for use in high-precision location applications. An additional 2,000 stations are in delivery and installation.
Owing to the rapid growth of the network, GEODNET has more than a dozen commercial partnerships for paid data-usage in agriculture, drones, consumer robotic devices, and advanced commercial global positioning services such as PPP (Precision Point Positioning), automotive-focused PPP-RTK services, and finally cutting-edge Low Earth Orbit satellite tracking.
“GEODNET is disrupting the GNSS industry through the novel use of a decentralized blockchain technology, which has already enabled it to bootstrap a larger receiver network than its established competitors and win customer contracts. We are excited about the opportunity to support the next leg of the GEODNET protocol’s growth, as it executes against its attractive commercial pipeline,” said Cosmo Jiang, Portfolio Manager at Pantera.
“In just two short years from the first initial GEODNET node coming online, GEODNET has rapidly scaled to be one of world’s largest networks rivaling those of several multi-billion dollar revenue public companies. I am thrilled to announce my support of this leading DePIN (Decentralized Physical Infrastructure Network) project. The simplicity and affordability of GEODNET’s precise location services will create enormous economic growth across the geo-spatial industry,” said Santiago Santos, former Partner at ParaFi Capital and host of the Empire Podcast.
“The GEODNET Foundation thanks its web2 GNSS data customers, its web3 Satellite Mining community, and its more than ten institutional investor partners for their tremendous support to achieve these milestones,” said Mike Horton, Project Creator of GEODNET.
About GEODNET
GEODNET is a highly reliable, Web3 RTK Network that uses DePIN principles. Using only a low data rate network connection, Real-Time Kinematics enables a 100x improvement in position accuracy as compared to standalone GPS. GEODNET's global network of RTK stations complement on-device sensors such as Cameras, LiDAR, and IMUs to power AI-based Autonomous Systems with accurate real-time 3D localization. Please see the GEODNET White Paper, Website, Dune Dashboard, and Twitter for more details.
