The new global RTK network GEODNET continues to gain momentum and scale, with the latest boost coming in the form of a $3.5 million seed funding round. GEODNET, through its blockchain-based decentralized network of high-precision multi-band GNSS base stations, offers a different, affordable approach to GNSS corrections that is growing in popularity.
The funding round was led by North Island Ventures, with participation from Modular Capital, Road Capital, Tangent, Reverie, and select angels, according to a news release. They join existing GEODNET backers Borderless, IoTeX and JDI Ventures.
What makes GEODNET different? It’s 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 about 20 to 40 kilometers. By building and participating in the network, satellite mining operators earn GEOD tokens.
GEODNET now has more than 4,000 registered reference stations in more than 2,500 cities across 120+ countries. The focus is on “improving GPS at scale,” GEODNET Project Creator Mike Horton said.
“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,” North Island Ventures Managing Partner Travis Scher said, according to the release. “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.”
Devices connected to GEODNET’s global RTK network can achieve instant accuracy within 1 to 2 centimeters. The goal is to provide the world’s most robust precision navigation system to a variety of industries, including self-driving cars, agriculture and consumer robots. Already, many IoT and autonomous applications have shifted to RTK in lieu of standard GPS positioning.
“GEODNET is disrupting the global RTK network and is one of the few DePIN projects to successfully ramp both supply (4k+ base stations) and demand side ($500k+ ARR),” said Vincent Jow, managing partner of Modular Capital, according to the release. “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.”
