[PRESS RELEASE – Los Altos, CA, February 29th, 2024]
The GEODNET Foundation, the organization governing the blockchain-based global navigation network GEODNET, is excited to announce the completion of a $3.5 million seed funding round. The round was led by North Island Ventures, with participation from Modular Capital, Road Capital, Tangent, Reverie, and select angels, who join existing GEODNET backers Borderless, IoTeX and JDI Ventures.
GEODNET is building the world’s leading Global Navigation Satellite System (GNSS) reference network for Real-Time Kinematics (RTK) based positioning. Standard GPS is usually off by two meters; however, devices connected to GEODNET’s global RTK network can achieve instant accuracy within 1-2 centimeters. Many IoT and autonomous applications, such as drones, smart mowers, and Advanced Driver Assistance Systems (ADAS), have already shifted to RTK in lieu of standard GPS positioning.
GEODNET is a community-based Decentralized Physical Infrastructure Network (DePIN). Anybody can contribute to the network by installing and operating a reference station known as a Satellite Miner. Satellite miners deliver precise RTK correction data to devices equipped with GNSS receivers within a range of approximately 20-40 kilometers, and satellite mining operators benefit from building and being part of the network, by earning GEOD token. GEODNET already has over 4000 registered reference stations in 2500+ cities across 120+ countries. Ultimately, GEODNET aims to provide the world’s most robust precision navigation system to a variety of industries, including self-driving cars, agriculture, consumer robots, and more.
GEODNET is the brainchild of Mike Horton, a successful entrepreneur with a long track-record in the navigation space. Mike previously founded Crossbow Technology in 1995 and served as CEO until it was sold to Moog Inc. in 2011, and he is co-founder and CTO of ANELLO Photonics, the Creator of the Silicon Photonic Optical Gyroscope.
“GEODNET is focused on improving GPS at scale”, said Mike Horton, GEODNET Project Creator. “We are thrilled to close this funding round which will accelerate our goals of providing affordable GPS augmentation services and raw GNSS reference streams for RTK uses cases around the world”.
“GEODNET has already bootstrapped a huge network of satellite miners and is well on its way to becoming the world’s largest and most reliable RTK network,” said Travis Scher, Managing Partner of North Island Ventures. “We believe that this DePIN project and others like it have the potential to demonstrate the true value proposition of blockchain, and we’re thrilled to be a part of the journey.”
“GEODNET is disrupting the global RTK network and one of the few DePin projects to successfully ramp both supply (4k+ base stations) and demand side ($500k+ ARR). GEODNET tackles a $200B end market, which includes both existing industrial applications with clear revenue pools, and unlocks emerging use cases across autonomous vehicles, consumer and augmented/virtual reality. We’re excited to back Mike who has decades of experience in this field, with the right technical expertise and go-to-market to disrupt this industry.”, said Vincent Jow, Managing Partner of Modular Capital.
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 IMU’s 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.
Contact
CEO
Mike Horton
GEODNET
[email protected]
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