Hivemapper has secured $18 million in a spherical headed by Multicoin Capital from traders. The platform intends to deploy its mainnet this summer season.
Hivemapper, a decentralized mapping community, has secured $18 million in a Collection A fundraising spherical.
In accordance with a press release launched on Tuesday, the spherical will increase the corporate’s complete funding to $23 million. Hivemapper’s worth was not disclosed by the company.
Craft Ventures, Solana Capital, Shine Capital, Spencer Rascoff’s 75, and Sunny Ventures — in addition to prior traders Spark Capital, Founder Collective, and Homebrew — led the spherical, with participation from Multicoin Capital, Solana Capital, Shine Capital, Spencer Rascoff’s 75, and Sunny Ventures.
Hivemapper, primarily based in the US, is a blockchain-based mapping community that converts dashcam footage into “state-of-the-art,” “continuously evolving” maps.
Contributors who seize 4K street-level footage are rewarded with HONEY, the community’s native token. The dashcam knowledge is then processed, high quality assurance is performed, and contributor imagery is annotated by map editors. For his or her providers, these editors are additionally given HONEY.
Google, Apple, and Alibaba presently dominate the digital mapping sector, which is estimated to be price $300 billion by Hivemapper.
Nevertheless, with revelations this week that the US Justice Division had “breathed new life” right into a probe into Google Maps and attainable anti-trust breaches, incumbents could face extra competitors.
Ariel Seidman, co-founder and CEO of Hivemapper, mentioned:
“Mapping is a particularly complicated, costly, and time-consuming course of. Solely the biggest and most capitalized tech firms on the planet have the sources to do digital mapping, and even with all these sources street-level imagery in lots of components of the world is just up to date as soon as each two years,”
The newly raised cash can be used to develop Hivemapper’s community, based on the corporate. It expects to deploy its mainnet this summer season and remains to be accepting new contributors.
As well as, beginning in July, the enterprise will begin distributing its personal $449 crypto-integrated dashcam.
Amir Haleem, co-founder and CEO of Nova Labs, will be part of Hivemapper’s board of administrators as a part of the funding.
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