Crypto Investment Firm Multicoin leads a $ 8 million purchase of Geod-tokens, a major capital injection in the Crypto Project that builds a Hyper-Accurate Alternative to GPS.
The geodet comes from Cryptos Buzzy Depin wing of startups that financially incentive ordinary people to host their physical infrastructure. The project’s token (its incentive mechanism) has more than doubled in the last 12 months in the midst of the torrid demand for geodet’s services.
GPS satellites telling your phone about how far you are from the next cross is very good for a drive around the city. Not so for Geodnet’s user base of agricultural drones and industrial robots, Project Lead Mike Horton said. They need location data down “to the size of a golf ball.”
Nearly 14,000 base stations provide placement data at centimeter level to geodet ‘clients, many of whom are unaware of their cryptoincitaments: Anyone running a base station of $ 700 serves new geod-tokens, a model that changes the normally astronomical costs of implementing equipment away from that company.
“Because of Depin, we have been able to scale this thing crazy quickly,” Horton said. “We built in two years what the industry has been working on for 20 years, and we now have twice as many stations as anyone else.”
Multicoin bets Geodnet’s cheap, all -encompassing geospatial network will help facilitate the explosive growth of technologies that need accurate location data, especially robots: self -driving vehicles, delivery drones, autonomous agricultural equipment.
“In order for these robots to work, they have to answer a basic question: Where am I?, Wrote multicoin -investing partner Shayon Sengupa in a position document.
Geodnet’s existing customers run over $ 3 million in annual recurring revenue, Horton said. He is targeting growth in 2025 in India and South America, especially in the agricultural sector.
Investors call Fundraise a “strategic” investment in which they purchased Geod -Tokens directly from the Geodnet Foundation, the device behind the network. Geodnet last raised capital in April 2024 from Coinfund, Pantera and Vaneck.
“We gather the money to really focus on robots and drones,” Horton said.
