The startup Hivemapper, developing a decentralized mapping service, has raised $18 million in funding. The Series A round was led by Multicoin Capital.
«At long last, Web3 makes a push to fight Google Maps» Informative article by @refsrc for @TechCrunch announcing @Hivemapper‘s latest funding round and updates! Read it here: https://t.co/Lsfuu02E3E #Blockchain #Mapping #Web3 #Web3News
— Hivemapper (@Hivemapper) April 5, 2022
The project also received investments from Craft Ventures, Solana Capital, Shine Capital, 75 & Sunny Ventures, Spark Capital, Founder Collective and Homebrew.
Hivemapper plans to launch the mainnet this summer.
The Solana-based app turns dashcam footage into maps in 4K format. Participants take pictures of streets, for which they are rewarded with the native token HONEY. Editors process the data obtained through similar incentives, ensuring quality control.
In July, the company will begin shipping the device it has developed with platform support.
Hivemapper aims to compete with Google, Apple and Alibaba in a market they estimate at $300 billion.
«Mapping is an extremely complex, costly and labor-intensive process. Only the largest and most capitalised technology companies have sufficient resources for this. But even they update imagery no more than twice a year, which leads to logistical, municipal and political problems», — said Arielle Seidman, cofounder and CEO of Hivemapper.
According to the executive, the real-time dapp could practically transmit an up-to-date representation of the world.
Earlier, in February, Solana Labs launched the Solana Pay protocol, which enables online merchants to accept cryptocurrency payments directly from consumers.
Earlier, the DeFi protocol Zebec on Solana raised $15 million.
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