Crypto investment firm Multicoin is spearheading an $8 million investment aimed at acquiring GEOD tokens, a significant boost for the crypto initiative that develops a highly precise alternative to traditional GPS.
Geodnet belongs to the DePIN sector of startups that encourages ordinary individuals to support the initiative by hosting physical infrastructure. The project’s token has experienced remarkable growth, more than doubling in value in the past year due to increasing demand for its services.
While GPS satellites suffice for regular driving, Geodnet caters to its users—such as farming drones and industrial robots—who require data with precision of up to a golf ball’s size. According to the project’s lead, Mike Horton, their setup consists of nearly 14,000 base stations delivering centimeter-scale location accuracy, enabling users to earn GEOD tokens by running base stations. This model considerably lowers the high equipment deployment costs usually borne by companies.
“Because of DePIN, we’ve been able to scale this thing crazily fast,” Horton remarked. “We have accomplished in two years what has taken the industry 20 years, doubling the number of stations compared to competitors.”
Multicoin believes Geodnet’s affordable and comprehensive geospatial network will propel the rapidly growing technologies that require accurate location data, notably robots, including delivery drones and autonomous farm equipment, emphasizing the critical need for these machines to answer the question: Where am I? Shayon Sengupta from Multicoin highlighted this in a position paper.
Geodnet’s current clients contribute to more than $3 million in annual recurring revenue, with expansion plans targeting growth in India and South America by 2025, particularly within the agricultural sector.
The investment is characterized as strategic, as Multicoin acquired GEOD tokens directly from the Geodnet Foundation—the organization behind the project. Geodnet last secured capital in April 2024 from investors such as Coinfund, Pantera, and VanEck.
“We aim to focus on developing robots and drones with this funding,” Horton affirmed.
