The GEODNET Foundation, a decentralized network of high-precision multi-band GNSS base stations, has secured a $1.5 million investment led by Borderless Capital’s EdgeFi Fund. The investment round also saw participation from IoTeX, a web3 technology provider, and angel investors.
GEODNET’s Global Network, consisting of over 3,000 web3 GNSS Base-stations, is recognized as a leading commercial solution for Real-Time Kinematic (RTK) applications. The network offers reliable centimeter location accuracy, making it ideal for applications such as drones, robotic vehicles, augmented reality, and IoT/mobile devices.
With its rapidly growing network, GEODNET has become the world’s largest decentralized Geo-Spatial Reference Network. It has received accolades, including the Institute of Navigation’s best presentation award.
The investment from Borderless Capital and other participants will help strengthen the project and further expand its global coverage. The funds will also be used to introduce a Mobile operating-system Software Development Kit, enhancing the network’s capabilities.
Álvaro Gracia, Partner at Borderless Capital, highlighted the value of deploying decentralized physical infrastructure networks (DePIN) like GEODNET to solve real-world problems. The investment reflects the belief that these networks offer high-value, revenue-generating solutions.
Mike Horton, Project Creator of GEODNET, emphasized the game-changing nature of the network’s combination of Artificial Intelligence, the Internet of Things, and Blockchain. The investment will contribute to the development of a broader developer ecosystem for both enterprise and consumer applications.
GEODNET’s unique approach, powered by blockchain technology, positions it as a key player in AIoT, Geo-Scientific, and Metaverse applications. The network’s decentralized cryptographic sensor networks, fueled by real-time satellite data, open up new possibilities for distributed sensor systems.
Borderless Capital, a leading investment manager specialized in Web3 technology, aims to support creators driving the development of innovative technologies. Their mission is to enable borderless value creation and empower founders to make a positive change in the world.
IoTeX, another participant in the investment round, is a modular Web3 platform that connects smart devices to blockchains. They specialize in Decentralized Physical Infrastructure Networks (DePIN) and combine blockchain, middleware, and open hardware to ensure privacy and trust in the connection of billions of devices and dApps.
The investment in GEODNET marks an important milestone for the project, providing the necessary resources to further enhance its capabilities and expand its reach. The combination of expertise from Borderless Capital, IoTeX, and angel investors will contribute to the growth and success of GEODNET’s decentralized location service.