Hivemapper has secured $18 million in a round headed by Multicoin Capital from investors. The platform intends to deploy its mainnet this summer.
Hivemapper, a decentralized mapping network, has secured $18 million in a Series A fundraising round.
According to a statement released on Tuesday, the round increases the company’s total funding to $23 million. Hivemapper’s value was not disclosed by the corporation.
Craft Ventures, Solana Capital, Shine Capital, Spencer Rascoff’s 75, and Sunny Ventures — as well as prior investors Spark Capital, Founder Collective, and Homebrew — led the round, with participation from Multicoin Capital, Solana Capital, Shine Capital, Spencer Rascoff’s 75, and Sunny Ventures.
Hivemapper, based in the United States, is a blockchain-based mapping network that converts dashcam footage into “state of the art,” “constantly evolving” maps.
Participants who capture 4K street-level footage are rewarded with HONEY, the network’s native token. The dashcam data is then processed, quality assurance is conducted, and contributor imagery is annotated by map editors. For their services, these editors are also given HONEY.
Google, Apple, and Alibaba presently dominate the digital mapping sector, which is estimated to be worth $300 billion by Hivemapper.
However, with revelations this week that the US Justice Department had “breathed new life” into a probe into Google Maps and possible anti-trust breaches, incumbents may face more competition.
Ariel Seidman, co-founder and CEO of Hivemapper, said:
“Mapping is an extremely complex, expensive, and time-consuming process. Only the largest and most capitalized tech companies in the world have the resources to do digital mapping, and even with all those resources street-level imagery in many parts of the world is only updated once every two years,”
The newly raised money will be used to expand Hivemapper’s network, according to the company. It expects to deploy its mainnet this summer and is still accepting new contributors.
In addition, starting in July, the business will start distributing its own $449 crypto-integrated dashcam.
Amir Haleem, co-founder and CEO of Nova Labs, will join Hivemapper’s board of directors as part of the funding.
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