Multicoin is leading $8 million investment in GPS alternative Geodnet

Crypto Investment Firm Multicoin is the leading buy of $8 million in GEOD tokens. This is the main capital injection into the Crypto project, which builds a super advanced alternative to GPS.

Geodnet is welcomed by the depin wing of Crypto's startup talk and financially encourages ordinary people to host physical infrastructure. The project's tokens (its incentive mechanism) have more than doubled in the last 12 months amid a heated demand for Geodnet's services.

GPS satellites tell your phone how far you are from the next intersection, which is good for driving around town. That's not the case with Geodnet's user base for agricultural drones and industrial robots, said Project Lead Mike Houghton. Position data up to the size of the golf ball is required.

Almost 14,000 base stations provide centimeter-level location data for Geodnet clients. Many have forgotten their crypto incentives. Those who run a $700 base station will win new Geod Tokens. company.

“Depin has allowed us to scale this quickly,” Horton said. “We built what the industry has been working on for 20 years in two years. We now have twice as many stations as anyone else.”

Multicoin's Betting Geodnet's cheap and comprehensive geospatial network helps to drive the explosive growth of precise location data, especially technologies such as robots.

“For these robots to work, we need to answer basic questions. Where am I? Sheyon Centa, a multicoin investment partner, wrote in her position paper.

Geodnet's existing customers outperform recurring revenues of more than $3 million a year, says Horton. He is targeting 2025 growth in India and South America, particularly in the agriculture sector.

Investors call “strategic” investments that purchase Geod Tokens directly from the Geodnet Foundation, the entity behind the network, a donation. Geodnet raised the capital from Coinfund, Pantera and Vaneck in April 2024.

“We're raising money to really focus on robots and drones,” Houghton said.