"Multicoin Leads $8M Investment in Geodnet, Revolutionizing GPS with Crypto Incentives"

Crypto investment firm Multicoin has led an $8 million investment in Geodnet, a project developing a hyper-accurate alternative to GPS. The investment is a significant capital injection into the crypto project, which is building a decentralized geospatial network.

Geodnet is part of the DePIN movement, a group of startups that financially incentivize regular people to host their physical infrastructure. The project's token, GEOD, has more than doubled in value over the past 12 months, reflecting the growing demand for Geodnet's services.

While traditional GPS satellites are sufficient for everyday navigation, Geodnet's user base of farming drones and industrial robots require location data accurate down to the size of a golf ball. The project currently operates nearly 14,000 base stations, providing centimeter-level location data to its clients. The crypto incentives behind Geodnet allow anyone running a $700 base station to earn new GEOD tokens, shifting the cost of deploying equipment away from the company.

Multicoin's investment in Geodnet is a bet on the project's cheap, all-encompassing geospatial network, which is expected to facilitate the growth of technologies that require accurate location data, such as self-driving vehicles, delivery drones, and autonomous farming equipment. Geodnet's existing customers are already generating over $3 million in annual recurring revenue, with plans to expand into India and South America, particularly in the farming sector, by 2025.

The investment was described as "strategic," with investors purchasing GEOD tokens directly from the Geodnet Foundation. This is the second time Geodnet has raised capital in 2024, following a previous round in April led by Coinfund, Pantera, and VanEck. The funds raised will be used to focus on the development of robots and drones.