Wingbits, a decentralized physical infrastructure (DePIN) startup focused on the aerospace industry, has raised $5.6 million in funding.
DePIN, the model of using hardware secured by a decentralized network, could be seen as a blockchain equivalent to the cloud computing services offered by Big Tech giants such as Amazon and Google.
The investment round, which brings Wingbits’ total backing to $9.2 million, was led by Borderless Capital and Bullish Capital. The latter’s parent company, Bullish Group, also owns CoinDesk.
Wingbits’ goal is to offer reward-based aircraft tracking using cryptographically secured Automatic Dependent Surveillance-Broadcast (ADS-B) receivers.
“Flight tracking has long relied on a global network of volunteers who install home antennas to collect flight data,” Wingbits said in an emailed statement Tuesday.
“Companies sell this data to airports, airlines and other organizations to support their global operations, generating hundreds of millions in revenue, while volunteers themselves get nothing in return.”
Read more: Helium’s Frank Mong: Building on DePIN’s first major success story
