Onocoy attracts strategic Web3 and GPS industry investors

Onocoy, the venture for high-precision GPS (Global Position System) utilizing a decentralized physical infrastructure (DePIN) secured funding through a private token sale. The funding secured in this round brings onocoy’s total funding to over USD 4,200,000 when combined with previous internal investments and non-dilutive grants. These funds will be instrumental in scaling up onocoy's commercial services and sales efforts, supporting the upcoming token launch, and financing the further development of its products, ecosystem and community.

Among the new investors are several industry leaders from the GPS industry, including Thomas Seiler, the former long-standing CEO of GPS hardware manufacturer u-blox. He will also join the venture as an advisor, bringing a wealth of experience to onocoy. The funding round also includes Smart Island Capital, a prominent player in the Web3 DePIN industry, along with several business angels active in the IoT and blockchain sectors.

Onocoy is a community-powered GNSS reference station network that provides high-quality RTK reference station data to enable ultra-precise positioning. GNSS RTK allows to get highly accurate location information from satellites in real-time. GNSS stands for Global Navigation Satellite System and includes different systems like GPS (US) or Galileo (EU). RTK improves the accuracy of GNSS positioning by using a network of fixed reference stations with known positions providing positional accuracy in the order of centimetres.

Onocoy ensures a high data quality through rigorous data validation and by incentivizing operators of reference stations with rewards. According to onocoy , the community will quickly grow into the densest network of GNSS reference station on earth and become a shared infrastructure for the high-precision GNSS industry. Stakeholder participation in network ownership and governance should result in full focus on users and market needs.

Commenting on the funding round, Daniel Ammann, Co-founder and President of onocoy, stated, “This step marks an important moment for onocoy as we continue to gain momentum. The support from strategic investors underscores the confidence in our vision and the transformative potential of our technology. We are also in advanced discussions with additional key industry players and look forward to announcing further strategic partnerships in the near future.”

Onocoy is also gearing up for major industry events including Token 2049 and Solana Breakpoint in Singapore (Sept. 18-21). And at the CV Summit in Zug, onocoy will participate in a panel discussion and hold a workshop on 2 October. Further, onocoy will be present at the Satellite navigation industry events ION GNSS+ in Baltimore, US (Sept. 18-20) and InterGEO in Stuttgart, Germany (Sept. 24-26). 

(Press release / SK)