IoTeX, the leading Decentralized Physical Infrastructure Networks (DePIN) infrastructure protocol, and Borderless Capital's EdgeFi Fund, the first Web3 investor fund focused exclusively on DePIN, participated in a $1.5 million investment round into GOEDNET, the world's largest decentralized Geospatial Reference Network (GSRN).

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"We led this investment because the GEODNET community is proving that thoughtfully deployed DePIN networks offer high-value, revenue-generating solutions to real-world problems," said Álvaro Gracia, Partner at Borderless Capital.

"We believe that DePIN is going to be a major category in the next few years because it allows real-world use cases to quickly achieve massive scales of deployment in a very efficient way generating tangible value," said Gracia.

GEODNET's fundraising is yet another clear indication of the snowballing interest investors, builders, and entrepreneurs have in DePIN, poised to become the biggest trend in crypto and bring the next massive wave of people into the space.

"DePIN is a revolution because it enables aligning incentives at a global scale to create community-owned, fair, and very resilient networks," Gracia added. "We are witnessing the expansion of this category with applications ranging from 5G to computing, AI, weather networks, RTK networks, and many others."

Global Earth Observation Decentralized Network (GEODNET) plans to use the funds to increase reliable Global Coverage and build a mobile operating-system Software Development Kit (SDK).

GEODNET has already deployed more than 3,300 user-owned stations and aims to become the largest network with more than 50,000 stations by 2024, making it a global leader in its field as location accuracy increases as the distance between stations is shorter.

"GEODNET is one of the leading DePIN startups within IoTeX's fast-growing ecosystem. With its highly specialized team of engineers, GEODNET will disrupt the entire location service sector," said IoTeX CEO and Co-Founder Dr. Raullen Chai.

"Using W3bstream as a service and our W3bstream Studio, GEODNET will build its geospatial reference network much faster and at a lower cost than if its team had to start from scratch," Chai added. "This is yet another DePIN pioneer that will further our lead in this burgeoning sector, the fastest-growing Web3 category."

GEODNET is a game changer

"The investment will help pave the way to a broad developer ecosystem in Enterprise and Consumer applications," said Mike Horton, GEODNET Project Creator. "GEODNET's unique combination of Artificial Intelligence, Internet of Things, and Blockchain is a game changer for numerous mobile applications."

The GEODNET is the world's largest decentralized GSRN, a framework used to precisely measure locations on the surface of the Earth as coordinates in real-time. According to a recent report, the geospatial reference market is projected to grow from $63.61 billion in 2021 to $147.58 billion in 2028 at a CAGR of 12.8%.

GEODNET aims to gather dense real-time geospatial data from the Earth and its atmosphere using a new class of user-owned roof-mounted Space Weather stations. It offers reliable centimeter location accuracy for applications that include drones, robotic vehicles, augmented reality, and Internet of Things (IoT) devices.

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Leaders in high-precision applications such as Hemisphere Global Navigation Satellite System, Quectel Wireless Solutions, and Rock Robotics actively use data generated by GEODNET stations.

The Institute of Navigation, the world's most influential non-profit society advancing the art and science of land, air, sea, space positioning, navigation, and timing, awarded GEODNET the 2021 Best Presentation Award.

Enhancing the lives of billions

IoTeX is an L1, EVM, modular Web3 infrastructure platform connecting smart devices and real-world data to blockchains. It empowers developers to integrate Web3 into everyday life through innovations in connected smart vehicles, city mapping, green energy initiatives, super-charged fitness platforms, environmental data tracking, proof-of-presence applications, proof of humanity, and more.

The DePIN leader recently launched W3bstream, the world's first off-chain compute framework and open hardware for DePIN. W3bstream will enhance the lives of billions with data ownership, making it quicker and easier for people to own decentralized physical infrastructure networks and earn additional income jointly.

W3bstream, which reduces DePIN development resources by at least tenfold, is designed to connect billions of smart devices, machines, sensors, and dApps across the physical and digital world.

Borderless Capital is a leading investment manager specializing in Web3 technology to support the next wave of creators driving the development of innovative technologies that will enable borderless value creation. Borderless is committed to empowering our founders to reach their maximum potential and create a positive change in the world.