GEODNET concludes $3.5 million seed funding round

Image: GEODNET

The Global Earth Observation Decentralized Network (GEODNET) Foundation — the organization governing the blockchain-based global navigation network GEODNET — has completed 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.

The GEODNET Foundation is building a Global Navigation Satellite System (GNSS) reference network for positioning based on real-time kinematics (RTK). Standard GPS is typically off by two meters; however, devices connected to GEODNET’s global RTK network are designed to achieve instant accuracy within 1 cm to 2 cm. Many internet-of-things (IoT) and autonomous applications, such as UAVs, smart mowers and advanced driver assistance systems (ADAS), have shifted to RTK in place of standard GPS positioning, the company said.

GEODNET is a community-based decentralized physical infrastructure network (DePIN). Anyone can contribute to the network by installing and operating a reference station, known as a satellite miner. Satellite miners are designed to deliver precise RTK correction data to devices equipped with GNSS receivers in a range of approximately 20 km to 40 km. By building and participating in the network, satellite mining operators earn GEOD tokens.

GEODNET has more than 4,000 registered reference stations in more than 2,500 cities across 120 countries. GEODNET aims to provide robust precision navigation systems to a variety of industries, including self-driving cars, agriculture, consumer robots, and more.