February 29, 2024, Los Altos, CA – Chainwire
The GEODNET Foundation, the governing body behind the innovative blockchain-driven global Website navigation network, GEODNET, is thrilled to announce the successful completion of a $3.5 million seed funding round. Led by North Island Ventures with participation from Modular Capital, Road Capital, Tangent, Reverie, and a select group of angels, this round marks an essential step forward for the organization. Previous investors Borderless, IoTeX, and JDI Ventures also joined in to support GEODNET’s mission.
GEODNET aims to revolutionize the Global Navigation Satellite System (GNSS) market by constructing a leading real-time kinematics (RTK) based positioning network. The standard GPS system typically misses the mark by two meters, whereas devices connected to GEODNET’s global RTK network can achieve unparalleled accuracy within 1-2 centimeters. This high-precision positioning is already being adopted by numerous Internet of Things (IoT) and autonomous applications, such as drones, smart mowers, and advanced driver-assistance systems (ADAS), instead of the less accurate GPS positioning.
GEODNET is a community-driven Decentralized Physical Infrastructure Network (DePIN) that empowers individuals to contribute to the network by installing and operating a reference station called a Satellite Miner. Satellite miners transmit precise RTK correction data to GNSS receivers within approximately 20-40 kilometers, earning the operators GEOD tokens as reward. With over 4000 registered reference stations in 2500+ cities across 120+ countries, GEODNET is poised to deliver the world’s most robust precision Website navigation system to a multitude of industries, including self-driving cars, agriculture, consumer robots, and more.
Founded by Mike Horton, an accomplished entrepreneur with a rich history in the Website navigation domain, GEODNET is determined to enhance GPS capabilities on a large scale. Previously, Mike founded Crossbow Technology in 1995 and served as its CEO until it was acquired by Moog Inc. in 2011, and he is the co-founder and CTO of ANELLO Photonics, which pioneered the Silicon Photonic Optical Gyroscope.
“GEODNET is dedicated to enhancing GPS on a global scale,” said Mike Horton, GEODNET’s Project Creator. “We are ecstatic about closing this funding round as it will significantly accelerate our efforts in providing affordable GPS augmentation services and raw GNSS reference streams for RTK applications worldwide.”
“GEODNET has already established a substantial network of satellite miners and is well on its way to becoming the world’s most extensive and dependable RTK network,” said Travis Scher, Managing Partner of North Island Ventures. “We believe that this DePIN project, among others, holds the potential to truly illustrate the value proposition of blockchain, and we’re thrilled to be part of this exciting journey.”
“GEODNET is disrupting the global RTK network and is one of the few DePin projects to successfully expand both supply (4k+ base stations) and demand side ($500k+ ARR),” said Vincent Jow, Managing Partner of Modular Capital. “GEODNET addresses a $200B end market by catering to existing industrial applications and unlocking emerging use cases in autonomous vehicles, consumer and augmented/virtual reality. We’re excited to back Mike, whose extensive expertise and experience will contribute significantly to this industry disruption.”
About GEODNET
GEODNET is a highly reliable, Web3 RTK Network that utilizes DePIN principles. Real-Time Kinematics enables a 100x improvement in position accuracy compared to standalone GPS. GEODNET’s global network of RTK stations complements on-device sensors like cameras, LiDAR, and IMU’s to power ai-based Autonomous Systems with accurate real-time 3D localization. For more information, please see the
