The Decentralized Alternative to Google Maps Attracts $18M
Hivemapper, a startup that develops a decentralized mapping service, has recently raised $18 million in a Series A funding round led by Multicoin Capital.
According to the company, other participants in the fundraising include Craft Ventures, Solana Capital, Shine Capital, 75 & Sunny Ventures, Spark Capital, Founder Collective and Homebrew.
Hivemapper has previously reported that it intends to launch its mainnet already this summer.
Hivemapper, which is based on the Solana blockchain, turns dash cam footage into 4K maps. Participants take pictures of the streets, for which they are rewarded with a native HONEY token. At the same time, editors process the received data, providing quality control for similar rewards.
The company will start deliveries in July of the developed platform-enabled device.
Hivemapper plans to compete with Google, Apple and Alibaba.